Find the compound amount for the deposit. (Round to two decimal places).
2 answers:
Answer:
Step-by-step explanation:
Problem
If you deposit $5000 into an account paying 7% annual interest compounded yearly , how much money will be in the account after 6 years?
Result
The amount is $7503.65 and the interest is $2503.65. there for i believe the answer is D.
Answer:
Answer C.) $7,100.00
Step-by-step explanation:
7% of 5,000 is = 350
(0.07 x 5,000 = 350)
6 years of intret would be 2,100
(6 x 350 = 2,100)
add 2,100 to 5,000
2,100 + 5,000 = 7,100
$7,100
Hope this helped!
~Lunar Rose. Moon
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