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22 September, 19:08

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A principal of 3700 is invested at 4.75 %interest, compounded annually. How much will the investment be worth after 5 years?

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  1. 22 September, 22:54
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    The investment will be worth $4686.62 after 5 years.

    Step-by-step explanation:

    Principal, P = 3700

    Rate, r = 4.75% = 0.0475

    Number of years, t = 5 years

    Number of times compounded, n = 5 times

    Amount = P (1 + r/n) ^nt

    ⇒ 3700 (1 + 0.0475/5) ^25

    ⇒ 3700 (5.0475/5) ^25

    ⇒ 3700 (1.0095) ^25

    ⇒ 4686.62

    ∴ Amount = $4686.62
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