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Find the balance in the amount after the given period. 5000 principal earning 7% commanded, 7 years

Sagot :

fichoh

Complete question :

Find the balance in the amount after the given period. 5000 principal earning 7% compounded annually for 7 years

Answer:

8,028.91

Step-by-step explanation:

Given :

Principal, P = 5000

Rate, r = 7% = 0.07

Period, t = 7 years

Using the compound interest formula :

A = P(1 + r/n)^nt

A = final amount ; n = number of compounding times per period

A = 5000(1 + 0.07/1)^(1*7)

A = 5000(1 + 0.07)^7

A = 5000(1.07)^7

A = 5000 * 1.60578147647843

A = 8028.90738239215

Amount saved = 8,028.91

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