Respuesta :
Answer:
Fv= 7346.64
Step-by-step explanation:
PV= 5000
I=8%=0.08
N=5 YEARS
FV= PV(1+I)n
= 5000(1+0.08)5
=7346.64
Answer:
A = $7,449.23
Step-by-step explanation:
First, convert R as a percent to r as a decimal
r = R/100
r = 8/100
r = 0.08 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 5,000.00(1 + 0.08/12)(12)(5)
A = 5,000.00(1 + 0.006666667)(60)
A = $7,449.23
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $5,000.00 at a rate of 8% per year compounded 12 times per year over 5 years is $7,449.23.
