Question

The amount that results when $4000 is compounded at 6% annually over seven years

Answer 1

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\ 4000\\ r=rate\to 6\%\to \frac{6}{100}\to &0.06\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years\to &7 \end{cases} \\\\\\ A=4000\left(1+\frac{0.06}{1}\right)^{1\cdot 7}\implies A=4000(1.06)^7$