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5000 principal earning 3% compounded annually, 8 years
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1 vote
5000 principal earning 3% compounded annually, 8 years

User Czechnology
by
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1 Answer

7 votes
Hi there
The formula is
A=p (1+r)^t
A future value?
P present value 5000
R interest rate 0.03
T time 8 years

A=5,000×(1+0.03)^(8)
A=6,333.85

Hope it helps
User Christophor
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