Question

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?

Answer 1

@decluejamie What would you say the answer would be?

Answer 2

old question, answering to close

A = P(1+r)^(t)
where A is the final amount, P is the principal (7000), r is the interest rate as a decimal (0.05), and t is time (3 yrs). plug in and evaluate A.