Calculate the 5000rands for 3years at 8%?

Answer 1

To calculate the future value of an investment, we use the formula: FV = PV * (1 + r)^n, where FV is the future value, PV is the present value, r is the interest rate, and n is the number of years. In this case, the present value (PV) is 5000 rands, the interest rate (r) is 8%, and the number of years (n) is 3. Plugging these values into the formula, we get FV = 5000 * (1 + 0.08)^3. Calculating this, we find that the future value after 3 years at 8% interest is approximately 6103.04 rands.