Question 547058
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The formula for compound interest is


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ A\ =\ P\left(1\ +\ \frac{r}{n}\right)^{nt}]


Where


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ A] is the future value


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ P] is the present value


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ r] is the annual rate expressed as a decimal


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ n] is the number of compounding periods per year


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ t] is the number of years


Plug in the numbers


*[tex \LARGE \ \ \ \ \ \ \ \ \ \ A\ =\ 3000\left(1\ +\ \frac{0.04}{4}\right)^{4\,\cdot\,7}]


and do the arithmetic.  Better yet, let your fingers do the walking across the calculator keys.


John
*[tex \LARGE e^{i\pi} + 1 = 0]
My calculator said it, I believe it, that settles it
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