Question

Ashley has $5,000 in an account that earns 5% interest compounded annually.To the nearest cent, how much will she have in 3 years?Use the formula B=p(1+r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$

Answer 1

`A=P(1+(r)/(100))^n`

The amount she will have in 3yrs can be calculated as shown below

`\begin{gathered} A=5000(1+(5)/(100))^3 \\ \\ A=5000(1+0.05)^3 \\ \\ A=5788.125 \end{gathered}`

The answer is 578813 cents

The answer is $5788.125