5. Amy deposited $7,000 in a bank account earning 3.5% interest, compounded
1 answer:
Answer:
Step-by-step explanation:
Given the following data;
Principal = $7,000
Interest = 3.5% = 3.5/100 = 0.035
To find the future value, we would use the compound interest formula;
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
n is the number of times the interest is compounded in a year.
t is the number of years for the compound interest.
Substituting into the equation, we have;
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