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Find the amount and compound interest on 5000 at 6% per annum for 3 years annual

Sagot :

Answer:

The amount is 5,955.08

Step-by-step explanation:

Here, we want to calculate compound interest

We can find this by using the compound interest formula

A = P( 1 + r/n)^nt

A is amount

P

is the principal = 5,000

r is the interest rate = 6% = 6/100 = 0.06

n is the number of times per year in which the interest is compounded = 1

t is the number of years = 3

Substituting these values;

A = 5,000(1 + 0.06/1)^3(1)

A = 5000(1.06)^3

A = 5,955.08

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