Question

How much will $5000 be worth in 5 years if it is compounded continuously at 3% interest?

Answer 1

$5,796.37

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

Now lets plug in the values into the equation:

`5,000(1+(0.03)/(1))^5` = 5,796.37

Your answer is $5,796.37

Answer 2

$5,796 is how much it would be. hope it helps