SOLUTION: how much will $5,000 invested at 3% intrest be worth in 4 years if it is compounded annually

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Question 730024: how much will $5,000 invested at 3% intrest be worth in 4 years if it is compounded annually
Found 2 solutions by lynnlo, ikleyn:
Answer by lynnlo(4176) About Me  (Show Source):
Answer by ikleyn(53421) About Me  (Show Source):
You can put this solution on YOUR website!
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how much will $5,000 invested at 3% interest be worth in 4 years if it is compounded annually
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Use a standard formula for the account compounded annually

    FV = 5000%2A%281%2B0.03%29%5E4 = 5627.54 dollars.    ANSWER

Solved.

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Ignore the answer in the post by @lynnlo, since it is incorrect.