Kali invests $3516 in a savings account with a fixed annual interest rate of 7% compounded 3 times per year. What will the account balance be after 7 years

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04-05-2018
Mathematics

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Kali invests $3516 in a savings account with a fixed annual interest rate of 7% compounded 3 times per year. What will the account balance be after 7 years

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jdoe0001 jdoe0001 · Answer 1 · 2018-05-04T23:03:13+02:00

[tex]\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$3516\\ r=rate\to 7\%\to \frac{7}{100}\to &0.07\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{well, is just three} \end{array}\to &3\\ t=years\to &7 \end{cases} \\\\\\ A=3516\left(1+\frac{0.07}{3}\right)^{3\cdot 7}\implies A=3516\left( \frac{307}{300} \right)^{21}\implies A\approx 5707.0070[/tex]