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math

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Find the accumulated amount A if the principal P = $3,000 is invested at the interest rate of r = 9% per year for t = 5 years, compounded annually. Please round your answer to the nearest cent.

  • math - ,

    A = Po(1+r)^n.

    Po = $3,000. = Initial investment.

    r = 9% / 100% = 0.09 = APR expressed as a decimal.

    n = 1Comp./yr * 5yrs = 5 Compounding
    periods.

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