document.write( "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?
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Algebra.Com's Answer #574594 by TimothyLamb(4379) $\"\"$ $\"About$

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compound-interest formula:
\n" ); document.write( "v = p( 1 + (r/n) )^(nt)
\n" ); document.write( "where:
\n" ); document.write( "v = final value
\n" ); document.write( "p = initial (principal) value
\n" ); document.write( "r = interest rate (as a decimal)
\n" ); document.write( "n = number of compounding periods per year
\n" ); document.write( "t = number of years
\n" ); document.write( "---
\n" ); document.write( "v = 3000*( 1 + (0.08/1) )^(1*7)
\n" ); document.write( "v = 5141.47
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