SOLUTION: The cost of a car is 30,000 The interest on 30,000 is 3% for 5 years. What will be the total cost of the car at the end of 6 years?

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Question 983900: The cost of a car is 30,000
The interest on 30,000 is 3% for 5 years.
What will be the total cost of the car at the end of 6 years?
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
P=Po{1+r}^t
P=30000{1.03)^5=$34,778.22
After 6 years: $35,821.57.
The question isn't clear. I am assuming that there is interest being charged in the 6th year, but that isn't stated. Therefore, I gave the values for both 5 and 6 years, and I assume 6 years is what is wanted.