What is the total amount that First Consumer Bank will receive after lending Jane $7,000 for three years at an interest rate of 5 percent, compounded annually?
For the First Year he paid $7350 (7000+5%=7350) For The second Year he paid $7717.5 (7350+5%=7717.5) For the Third Year he paid 8103.38 (7717.5+5%=8103.38)
