SOLUTION: 3,400 principle earning 3% compound after 5 years find the balance in the account...? i need help with this problem.......can u please help me.i'm an high school student that need

Question 137482: 3,400 principle earning 3% compound after 5 years find the balance in the account...?
i need help with this problem.......can u please help me.i'm an high school student that needs your help!
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
3,400 principle earning 3% compound after 5 years find the balance in the account...?
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A(t) = P(1+(r/n))^(nt)
A(5) = 3400(1+(0.03)/1)^(1*5)
A(5) = 3400(1.03)^5
A(5) = 3400*1.159274074..
A(5) = $3941.53
==================
Cheers,
Stan H.
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