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Sagot :
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
Value = $3,000 [ 1 + 0.05 ] to the 7th power .
Value = $3,000 [ 1.4071 ] = $4,221.30
[tex]Sum=\$3000\cdot(1+5\%)^7=\$3000\cdot (1.05)^7\approx \$4221.30[/tex]
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