Select the correct answer.
total amount = P (1 + i)t

What is the total amount that First Consumer Bank will receive after lending Jane $7,000 for three years at an interest rate of 5 percent, compounded annually?

A.
$8,103.38
B.
$8,114.92
C.
$8,358.37

Question

Select the correct answer.
total amount = P (1 + i)t

What is the total amount that First Consumer Bank will receive after lending Jane $7,000 for three years at an interest rate of 5 percent, compounded annually?

A. 
$8,103.38
B. 
$8,114.92
C. 
$8,358.37

dude · Answer

Substitute what they gave you into the equation

P = 7000
i = 5%(convert it to decimal)
T = time (in years)