Monday

November 24, 2014

November 24, 2014

Posted by **Anonymous** on Tuesday, August 21, 2012 at 12:05pm.

- bussiness fianace. -
**Henry**, Thursday, August 23, 2012 at 7:23pmP = Po(1+r)^n.

r = 3% / 100% = 0.03 = Annual % rate expressed as a deciml.

n = 1Comp/yr * 3yrs = 3 Compounding periods.

P = 5000(1.03)^3 = $5463.64 in 3 yrs.

P = Po(1+r)^n.

Po = 5463.64.

r = 0.035.

n = 3.

Plug the given values into the given Eq.

Answer: P = $6057.64 In 6 yrs.

**Answer this Question**

**Related Questions**

math - Kerry Stutsman has $500 in a saving account earning .45% interest. She ...

math - Two investments earn a total annual income of $2825. One investment is in...

Finite Mathematics - Jessica wants to accumulate $14,000 by the end of 5 yr in a...

Math - Please help check my answers to make sure they are correct. I used the "...

MATH - Please help check my answers to make sure they are correct. I used the "...

algebra interest word problem - Erin Grabish recevied $2,000 for speaking at a ...

math - The formula for calculating the amount of money returned for an initial ...

Alg 2 - Suppose you deposit a principal amount of p dollars in a bank account ...

Alg2 - Help....Help... Suppose you deposit a principal amount of p dollars in a ...

Business - Envision you have served as business manager for over two years. you ...