total amount = P (1 + i)t What is the total amount that First Consumer Bank will receive after lending Jane $7,000 for three yea
rs at an interest rate of 5 percent, compounded annually? A. $8,103.38 B. $8,114.92 C. $8,358.37
1 answer:
F = final amount = unknown
P = 7000 is the principal (amount loaned)
i = 0.05 is the decimal form of 5% interest rate
t = 3 years go by
Plug those three values into the formula below and simplify
F = P*(1+i)^t
F = 7000*(1+0.05)^3
F = 7000*(1.05)^3
F = 7000*(1.157625)
F = 8103.375
F = 8103.38
<h3>Answer: Choice A) $8,103.38</h3>
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