A deposit of $3,000 is made into a savings account which earns 5 1 8 % interest compounded annually. If no additional deposits o r withdrawals are made, which amount is the total balance at the end of 7 years?
1 answer:
Answer:
$4,256.60
Step-by-step explanation:
FV = PV × (1 + r)n
FV = 3000 × (1.05125)7 = 4256.60
where:
FV = Future Value
PV = Present Value
r = annual interest rate
n = number of periods
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