Question

Wilson invests $5000 at 5.25% per annum compound interest compounded annually. Find the

amount at the end of third year.​

Answer 1

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