ZenaidaKhano ZenaidaKhano

27-05-2014
Mathematics

Answered

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

Verified Answer :

27-05-2014

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

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kate200468 kate200468

27-05-2014

\(Sum=\$3000\cdot(1+5\%)^7=\$3000\cdot (1.05)^7\approx \$4221.30\)

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