SOLUTION: Don put $5,000 in a savings account with an interest rate of 5% for three years. If the interest is compounded annually, how much money will he have at the end of the three years?

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Question 828832: Don put $5,000 in a savings account with an interest rate of 5% for three years. If the interest is compounded annually, how much money will he have at the end of the three years?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Amount A = P(1+r)^n
r=5%=0.05
P=5000
A= accrued amount
A=5000*(1+0.05)^3
5788.13