SOLUTION: P​ = ​$7000​, r​ = 4​%, t​ = 5 years
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Question 1095494: P = $7000, r = 4%, t = 5 years
Answer by ikleyn(52905) (Show Source): You can put this solution on YOUR website!
.
If the interest is compounded annually/yearly at the rate of 4%, then in 5 years you will be a happy owner of the amount
7000*(1+0,04)^5 = 7000*1.04^5 = 8516.57 dollars
on your account.
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