posted by Anonymous .
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.
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