$2500 invested at 7% annually for 3 years will yield????? at the end of the 3 years??

Question

For Hospitality???

Answer 1

you should use the equations P(1+Rate/how many times the interest is paid in a year)^{t(how many times the interest is paid per year)}

p= the amount of money you start with

t= time in years

rate=7% or .07

annually= interest rate paid 1 time per year

2500(1+ (.07/1))⁽³⁾⁽¹⁾ = 3062.61

If you need me to explain anything further let me know!