SOLUTION: Can someone please help me with this problem: Find the compound amount for the deposit. Round to the nearest cent. $5000 at 7% compounded annually for 6 years.

Algebra ->  Equations -> SOLUTION: Can someone please help me with this problem: Find the compound amount for the deposit. Round to the nearest cent. $5000 at 7% compounded annually for 6 years.      Log On


   

Question 203570: Can someone please help me with this problem:
Find the compound amount for the deposit. Round to the nearest cent.
$5000 at 7% compounded annually for 6 years.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
FV=P(1+r)^n
FV=5000(1+.07)^6
FV=5000(1.50073)
FV=$7503.65