PLEASE HELP!!! An investment earns 3% a year compounded monthly. Find the value of an initial investment of $5,000 after 6 years.

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03-06-2021
Mathematics

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PLEASE HELP!!! An investment earns 3% a year compounded monthly. Find the value of an initial investment of $5,000 after 6 years.

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Sk5634943idn Sk5634943idn · Answer 1 · 2021-06-08T01:22:15-04:00

Answer:

A = $5,984.74

A = P + I where

P (principal) = $5,000.00

I (interest) = $984.74

Step-by-step explanation:

First, convert R as a percent to r as a decimal

r = R/100

r = 3/100

r = 0.03 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 5,000.00(1 + 0.03/12)(12)(6)

A = 5,000.00(1 + 0.0025)(72)

A = $5,984.74

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $5,000.00 at a rate of 3% per year compounded 12 times per year over 6 years is $5,984.74.

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