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Peter deposited $5000 in a bank paying 5% interest compounded yearly. Find the balance in his account after 3 years.
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5 votes
Peter deposited $5000 in a bank paying 5% interest compounded yearly. Find the balance in his account after 3 years.

User Pocza
by
6.3k points

1 Answer

4 votes

Answer:

5750

Explanation:


(5)/(100)×5000=250

250×3=750

5000+750=5750

User Scott Jibben
by
6.5k points
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