SOLUTION: Can someone please help me with this problem: Find the compound amount for the deposit. Round to the nearest cent. $5000 at 7% compounded annually for 6 years.

SOLUTION: Can someone please help me with this problem: Find the compound amount for the deposit. Round to the nearest cent. $5000 at 7% compounded annually for 6 years.

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Question 203570: Can someone please help me with this problem:
Find the compound amount for the deposit. Round to the nearest cent.
$5000 at 7% compounded annually for 6 years.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=P(1+r)^n
FV=5000(1+.07)^6
FV=5000(1.50073)
FV=$7503.65
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