SOLUTION: what is the total value of 3,700 at 6% compounded annually for 5 years?

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Question 700279: what is the total value of 3,700 at 6% compounded annually for 5 years?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Find Amount
Principal P = 3700
Amount= A
years=n 5.00
compounded 1 times a year t
Rate = 6.00 0.06
Amount = P*((n+r)/n)^n*t

Amount = = 3700 *( 1 + 0.06 /t)^ 5 * 1
Amount = 3700 *( 1 + 0.06 )^ 5
3700 *( 1.06 )^ 5
Amount = 4951.43