If $7,000 is invested at 3% compounded quarterly, what is the amount after 5 years? The amount after 5 years will be $ (Round to the nearest cent.)

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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If $7,000 is invested at 3% compounded quarterly, what is the amount after 5 years?
The amount after 5 years will be $
(Round to the nearest cent.)
Transcribed Image Text:If $7,000 is invested at 3% compounded quarterly, what is the amount after 5 years? The amount after 5 years will be $ (Round to the nearest cent.)
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