Answer:
$7107.82
Explanation:
You want the value of an investment of $6140 at 5% compounded annually for 3 years.
Compound interest
The formula for the account value is ...
A = P(1 +r)^t . . . . . . P is the investment at rate r for t years
Using the given values, we find Nina has ...
A = $6140·(1 +0.05)^3 ≈ $7107.82
Nina will have $7107.82 in 3 years.
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