Answered

Westonci.ca is the Q&A platform that connects you with experts who provide accurate and detailed answers. Connect with a community of experts ready to provide precise solutions to your questions quickly and accurately. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

$3000 invested at an APR of 5% for 7 years. If interest is compounded annually , what is the amount of money after 7 years?

Sagot :

AL2006
With annual compounding, the value of the investment after 7 years is

Value = $3,000 [ 1 + 0.05 ] to the 7th power .

Value = $3,000 [ 1.4071 ] = $4,221.30
kate200468
[tex]Sum=\$3000\cdot(1+5\%)^7=\$3000\cdot (1.05)^7\approx \$4221.30[/tex]
Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.