Answer:
A = $6273.41
Explanation:
- A = Amount of the investment in the future
- P = Principal value (initial amount)
- r = Interest rate
- n = Number of times interest is compounded per year
- t = Time (years)
Substitute all of the known values into this equation.
Solving for A in this equation gives us an answer of:
Therefore, the investment will be worth $6273.41 after 5 years.