The value of an initial investment of
$5,000 after 6 years is $5,984.74
Using this formula
A=P(1+rm)^mt
Where:
A=Future amount
r=Rate
m=month
t=Time
Let plug in the formula
A = 5,000(1 + 0.03/12)^12×6
A = 5,000(1 + 0.0025)^72
A=5,000(1.0025)^72
A=5,000(1.19694)
A = $5,984.74
Inconclusion The value of an initial investment of
$5,000 after 6 years is $5,984.74.
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