Problem

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 ： $A = P {(1 + \frac{r}{n})}^{n t}$

Step 2 ： $A = 4700 {(1 + \frac{0.093}{1})}^{1 \times 3}$

Step 3 ： $A = $ 6011.30$

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