Question 117877
If 5,600 is deposited into an account paying 5% interest compounded annually, (at the end of each year), how much money is in the account after 3 years?
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A(t) = P(1+r/n)^(nt)
Your Problem:
P = 5600
r = 0.05
n = 1
t = 3
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A(3) = 5600(1.05)^(3)
A(3) = $6482.70
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Cheers,
Stan H.