Math Problem Statement
Find the compound amount for the deposit and the amount of interest earned. $4000 at 6% compounded annually for 3 years Question content area bottom Part 1 The compound amount after 3 years is $ enter your response here. (Do not round until the final answer. Then round to the nearest cent as needed.)
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponents
Interest Calculation
Formulas
Compound interest formula: A = P(1 + r/n)^(nt)
Theorems
Compound Interest Theorem
Suitable Grade Level
Grades 9-12
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