Wilson invests $5000 at 5.25% per annum compound interest compounded annually. Find the
amount at the end of third year.
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Answer:
$5829.56
Step-by-step explanation:
Principal (P) = $5000
Rate (R) = 5.25%
Time (T) = 3 years
Amount (A) = P (1 + R/100)^T
A = 5000 ( 1 + 5.25/100)^3
A = 5000 (10525/1000)^3
A = 5829.56
Hence, amount at the end of third year will be $5829.56
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