Question

Catelyn invested $7000 in an account that earns 5.6% interest, compounded annually. The formula for compound interest is A(t) = P(1 + i)^t. How much did Catelyn have in the account after 4 years?

Answer 1

Exactly as my friend said!
A smartphone calculator nowadays is quite helpful. In the future you just ca just type for ex. 7000 + 5,6 and hit the % buton them equal (the dirst year total with interest) than + 5,6 and again hit the % button and than = and so on 4 times and you will have the answer from previous answer. Hope it helps

Answer 2