Problem
QUESTION 1 Find the compound amount for the deposit. Round to the nearest cent. \( \$ 4700 \) at \( 9.3 \% \) compounded annually for 3 years. \( \$ 5137.10 \) \( \$ 6137.03 \) \( \$ 6707.78 \) \( \$ 6011.30 \)
Solution
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 ：\( A=\$ 6011.30 \)
