A deposit of $3,000 is made into a savings account which earns 5 1 8 % interest compounded annually. If no additional deposits or withdrawals are made, which amount is the total balance at the end of 7 years?

A) $4,076.25

B) $4,221.30

C) $4,256.60

D) $4,364.04

Respuesta :

Answer:

$4,256.60

Step-by-step explanation:

FV = PV × (1 + r)n

FV = 3000 × (1.05125)7 = 4256.60

where:

FV = Future Value

PV = Present Value

r = annual interest rate

n = number of periods

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