Question

The amount that results when $4000 is compounded at 6% annually over seven years

Answer 1

`\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$4000\\ r=rate\to 6\%\to (6)/(100)\to &0.06\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years\to &7 \end{cases} \\\\\\ A=4000\left(1+(0.06)/(1)\right)^(1\cdot 7)\implies A=4000(1.06)^7`