Answer:
[tex]\$5,700[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=5\ years\\ P=\$5,000\\r=0.028[/tex]
substitute in the formula above
[tex]A=\$5,000(1+0.028*5)[/tex]
[tex]A=\$5,000(1.14)=\$5,700[/tex]
