MATH SOLVE

2 months ago

Q:
# What is the compund interest on 5,000 over 3 years at 5% interest

Accepted Solution

A:

Answer:788.13 to the nearest hundredth.Step-by-step explanation:Let A be the total amount in the account after 3 years.The formula is A = P(1 + x/100)^t .Here P = 5000, x = 5 % and the time t = 3. years. Amount after 3 years = 5000(1 + 5/100)^3= 5788.13So the Interest is 5788.13 - 5000= 788.13.