Question

Find the compound amount for the deposit. (Round to two decimal places).

$5000 at 7% compounded annually for 6 years.
a $7012.76
c. $7100.00
b. $6750.00
d. $7503.65

Answer 1

Answer C.) $7,100.00

Explanation:

7% of 5,000 is = 350

(0.07 x 5,000 = 350)

6 years of intret would be 2,100

(6 x 350 = 2,100)

add 2,100 to 5,000

2,100 + 5,000 = 7,100

$7,100

Hope this helped!

~Lunar Rose. Moon

Answer 2

Explanation:

Problem

If you deposit $5000 into an account paying 7% annual interest compounded yearly , how much money will be in the account after 6 years?

Result

The amount is $7503.65 and the interest is $2503.65. there for i believe the answer is D.