Question

If you deposit $5,000 into an account that pays 4.75% annual interest how much money will be in the account after 7 years if the account compounds

Answer 1

$6662.50

4.75% = $237.50
$237.50 x 7 = $1662.50

$5000 + $1662.50 = $6662.50

Answer = $6,662.50