Answer to Question #151637 in Financial Math for cheechee

Question #151637

how much will sams investment of $2000.00 grow to after 5 years if she earns 6% compound interest

Expert's answer

The formula for compound interest is

"A=P(1+r\/n)^{nt}"

Given

"P=\\$2000.00"

"r=0.06"

"n=1(annual)"

"t=5\\ years"

"A=\\$2000(1+0.06\/1)^{1(5)}=\\$2676.45"

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