Answer:
$1,150.00
Explanation:
We calculate using the Equation below
A = P(1 + rt)
P = Principal (Initial Investment) = $1000
Interest rate = 3%
Time = 5 years
A= Amount after time t?
Calculation:
First, converting R percent to r a decimal
r = R/100 = 3%/100 = 0.03 per year.
Solving our equation:
A = 1000(1 + (0.03 × 5)) = 1150
A = $1,150.00
The amount of is investment is $1,150 after 5 years.