Answer:
$3870
Step-by-step explanation:
Hello, the initial deposit is $1000.
After one year, we will get 1000 + 7%*1000= 1000 * ( 1+7%) = 1000 * (1+0.07)
= 1000 * 1.07
And we want to compound it so the second year we will get
And after n years, we will get
In that example, we want to know how much we will get after 20 years, so this is:
Thank you.