Respuesta :
The compound interest amount after 5 years be $6,083.26.
What is compound interest?
Compound interest, also known as interest on principal and interest, is the practice of adding interest to the principal amount of a loan or deposit.
Compound interest is when you receive interest on both your interest income and your savings.
If this value was compounded in 5 years, then we are going to utilize the compound interest formula to solve it.
[tex]A = p(1+r)^n[/tex]
Where A be the amount accumulated for the entire period.
p be the Money invested
r be the Interest rate per year
n be the period the money was invested.
[tex]A = 5000(1+4/100)^5[/tex]
The exponential function is
[tex]A=5000*1.04^5[/tex]
= 5000 [tex]*[/tex] 1.216652902
= 6,083.264512
The amount after 5 years be $6,083.26
The compound interest amount after 5 years be $6,083.26.
To learn more about compound interest refer to:
https://brainly.com/question/24274034
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