SOLUTION: An entrepreneur, deposits 5 000 000.00 dollars in a bank for a 3 year term, which earns an interest of 7% compounded annually. How much will his money grow after 3 years?

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Question 1166970: An entrepreneur, deposits 5 000 000.00 dollars in a bank for a 3 year term, which earns an interest of 7% compounded annually. How much will his money grow after 3 years?
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
will use 5 million
P=5(1+.07)^3, round at end
P=6.125215 or $6,125,215 at the end of 3 years
It grew $1,125,215 dollars