contestada

Amanda invests 5000 in a cd at an annual rate of 2%. What will her investment be worth at the end of three years?


I got 300 but I think it’s wrong so any help or feedback?

Respuesta :

TreyBeveridge
The equations would be 5000(1+0.02)^3 and the answer is $5306.04

Answer:

$5306.04

Step-by-step explanation:

Amanda is investing at a rate of 2% annually for 3 years, hence we will use the Future value formula here for the correct answer of the investment after a period of 3 years.

Future Value = Present value * (1 + interest)^years

Future value = 5000*(1+0.02)^3

Future Value: $5306.4

Hope this Helps, Good luck.

Otras preguntas