Find the accumulated amount A if the principal P = $3,000 is invested at the interest rate of r = 9% per year for t = 5 years, compounded annually. Please round your answer to the nearest cent.

Answer 1

A = Po(1+r)^n.

Po = $3,000. = Initial investment.

r = 9% / 100% = 0.09 = APR expressed as a decimal.

n = 1Comp./yr * 5yrs = 5 Compounding
periods.