Answer:
$3,958.19
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
[tex]P(1+\frac{r}{n} )^{nt}[/tex]
P = initial balance
r = interest rate
n = number of times compounded annually
t = time
Lets plug in the values into the equation:
[tex]3,000(1+\frac{0.057}{1})^5[/tex] = 3,958.19
Your final answer is $3,958.19
