QUESTION 1
Find the compound amount for the deposit. Round to the nearest cent.
\( \$ 4700 \) at \( 9.3 \% \) compounded annually for 3 years.
\( \$ 5137.10 \)
\( \$ 6137.03 \)
\( \$ 6707.78 \)
\( \$ 6011.30 \)
Answer
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Answer
\( A=\$ 6011.30 \)
Steps
Step 1 ：\( A=P\left(1+\frac{r}{n}\right)^{n t}\)
Step 2 ：\( A=4700\left(1+\frac{0.093}{1}\right)^{1\times 3}\)
Step 3 ：\( A=\$ 6011.30 \)
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