Question

Can someone help me solve this please? Will rate.

Answer 1

use the compound interest equation
\(\bf \large balance = principal\left(1+\frac{r}{n}\right)^{nt}\)

r = APR in decimal format, 5% = 0.05
t = years
n = periods per year, annual compounding means once per year or 1 period per year

Answer 2

Uhhh

Answer 3

\[3000\times1.05^{5}=3829\]

Answer 4

\[3000\times1.05^{20}=7960\]