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Liam invests $5,000 in an account that pays 2.5% compound interest annually. He uses the expression P(1+r)t to find the total value of the account after t years. What will be th…

Liam invests $5,000 in an account that pays 2.5% compound interest annually. He uses the expression P(1+r)t to find the total value of the account after t years. What will be th…
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Liam invests $5,000 in an account that pays 2.5% compound interest annually. He uses the expression P(1+r)t to find the total value of the account after t years. What will be the total value of the account after 3 years?

asked
User YW P Kwon
by
8.5k points

1 Answer

4 votes

Answer:

The final balance is $5,389.

The total compound interest is $389.

Explanation:

answered
User Terry Bu
by
8.0k points
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