7.8k views
6 votes
If $5000 is invested at a rate of 3% interest compounded

quarterly, what is the value of the investment in 5 years?
(Use the formula A = P (1 + )", where A is the amount
accrued, P is the principal, r is the interest rate, n is the
number of times per year the money is compounded, and t
is the length of time, in years.)

1 Answer

4 votes

Answer:

$5805.92

Explanation:

A= P(1+i)^n

= 5000(1+3%/4)^5×4

=$5805.92

User Anastasiia Solop
by
3.4k points