SOLUTION: Hi, I have $30,000 invested at 7% interest. Find the amount of money in the account after 6 years if the interest is compounded annually. Thank you

SOLUTION: Hi, I have $30,000 invested at 7% interest. Find the amount of money in the account after 6 years if the interest is compounded annually. Thank you

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Question 221095: Hi, I have $30,000 invested at 7% interest. Find the amount of money in the account after 6 years if the interest is compounded annually.
Thank you
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=P(1+.07)^6
FV=30000(1.5)
FV=$45000.00
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