Answer:
$5,796.37
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
Now lets plug in the values into the equation:
[tex]5,000(1+\frac{0.03}{1})^5[/tex] = 5,796.37
Your answer is $5,796.37
