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If a person invests $5000 at a compound interest rate of 4% per annum, how much
Practice Questions
Q1
If a person invests $5000 at a compound interest rate of 4% per annum, how much will he have after 3 years?
$5624.64
$6000
$5800
$5500
Questions & Step-by-Step Solutions
If a person invests $5000 at a compound interest rate of 4% per annum, how much will he have after 3 years?
Steps
Concepts
Compound Interest
– The process of earning interest on both the initial principal and the accumulated interest from previous periods.
Formula Application
– Using the formula A = P(1 + r)^t to calculate the future value of an investment.
Exponential Growth
– Understanding how compound interest leads to exponential growth of an investment over time.
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