SOLUTION: $3,600.00 principal earning 5%, compounded annually, after 5 years. Can you help me figure this out?

Question 613660: $3,600.00 principal earning 5%, compounded annually, after 5 years. Can you help me figure this out?
Found 2 solutions by ewatrrr, Theo:
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

Hi,
In General
A = Accumulated Amount
P= principal = 3600
r= annual rate = .05
n= periods per year = 1
t= years = 5

Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
3600 principal earning 5% compounded annually would be equal to:
3600 * (1.05)^5 = 4594.613625 = 4594.62.

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