Question

lenny deposits $7,000 in an IRA. What will be the value of his investment in 3 years if the investment is earning 1.95% per year​

Answer 1

Explanation:

The interest is 1.95 percent.

1.95 percent = 1.0195

Value after 3 years =

`1.0195 {}^(3) * 7000`

= $7417.54 (to the nearest cent)

Answer 2

Answer:7421.71

Explanation:

A=?

p=7000

r=0.0195

t=3years

a=7000e^0.0195*3

a=7421.71