Question

$3000 invested at an APR of 5% for 7 years. If interest is compounded annually , what is the amount of money after 7 years?

Answer 1

Please don't post the same question over and over.

Answer 2

!!!!!! Well you keep skipping over my question !!!!!

Answer 3

That is simply not true, scroll down. I have answered simple interest, compound interest, and continuously compounded interest questions from you.

Answer 4

[AI-generated answer — Explain Bot]

To calculate the amount of money after 7 years, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A is the final amount
P is the principal amount (initial investment)
r is the annual interest rate (expressed as a decimal)
n is the number of times interest is compounded per year
t is the number of years

In this case, the principal amount (P) is $3000, the annual interest rate (r) is 5% (or 0.05 as a decimal), the number of times interest is compounded per year (n) is 1 (since it is compounded annually), and the number of years (t) is 7.

Plugging in these values into the formula:

A = 3000(1 + 0.05/1)^(1*7)

Simplifying further:

A = 3000(1.05)^7

Calculating (1.05)^7:

A = 3000(1.402551)

Multiplying 3000 by 1.402551:

A ≈ $4207.65

Therefore, the amount of money after 7 years would be approximately $4207.65 when the interest is compounded annually.