Verified Answer :

take you amount and add 1 with the interest in brackets. close the brackets and square your year, then calculate. 


formula:
7000(1+5%) multiplied by the year
=8103.38

JeanaShupp

Answer:  $8103.375

Step-by-step explanation:

The compound amount after x years  is given by :-

@@MATH_TOKEN_0@@, where p is the principal amount , r is the rate of interest .

Given: The principal amount = $7,000

The rate of interest per year = 5 % = 0.05

Time in years = 3

Then, the compound amount is given by :_

\(A=7,000(1+0.05)^3\\\\\Rightarrow\ A=7,000(1.05)^3\\\\\Rightarrow\ A=\$8103.375\)

Related Questions