Question

Kali invests $3516 in a savings account with a fixed annual interest rate of 7% compounded 3 times per year. What will the account balance be after 7 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 &\$3516\\ r=rate\to 7\%\to (7)/(100)\to &0.07\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{well, is just three} \end{array}\to &3\\ t=years\to &7 \end{cases} \\\\\\ A=3516\left(1+(0.07)/(3)\right)^(3\cdot 7)\implies A=3516\left( (307)/(300) \right)^(21)\implies A\approx 5707.0070`