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Pramod invests $2,000 for 5 years at 5% interest. Calculate the amount Pramod receives at the end of the investment period.

User Krauxe
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1 Answer

5 votes

Answer:

A = P * (1 + r)^t

Using this formula, we can calculate the amount Pramod receives at the end of the investment period:

P = $2,000

r = 0.05 (5% expressed as a decimal)

t = 5 years

A = $2,000 * (1 + 0.05)^5

A = $2,000 * 1.27628

A = $2,552.56

Therefore, Pramod receives $2,552.56 at the end of the investment period.

User BradVoy
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