SOLUTION: If $3000 is compounded annually at a rate of 8% for 7 years. What is the total amount in the compound interest account?

Question 942546: If $3000 is compounded annually at a rate of 8% for 7 years. What is the total amount in the compound interest account?

Answer by TimothyLamb(4379) (Show Source): You can put this solution on YOUR website!
compound-interest formula:
v = p( 1 + (r/n) )^(nt)
where:
v = final value
p = initial (principal) value
r = interest rate (as a decimal)
n = number of compounding periods per year
t = number of years
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v = 3000*( 1 + (0.08/1) )^(1*7)
v = 5141.47
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