Question

Principal, $3000; Annual interest rate, 5.7%, 5 years

Answer 1

$3,958.19

Explanation:

You are going to want to use the compound interest formula, which is shown below.

`P(1+(r)/(n) )^(nt)`

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

Lets plug in the values into the equation:

`3,000(1+(0.057)/(1))^5` = 3,958.19

Your final answer is $3,958.19