A saving account accrues interest at a rate of 3.0% yearly. If someone opens an account with 2,500 how much money would the account have after 5 years?
The future worth (F) of the current investment (P) with interest i is calculated through the equation, F = P x (1 + i)^n Substituting the known values to the given equation, F + (2500) x (1 + 0.03)^5 = 2898.19 Thus, the account would have approximately 2898.19.
