Question Help: Video Submit Question Question 3 \( 0 / 3 \) pts 3 96 Details Find the final amount of money in an account if \( \$ 4,100 \) is deposited at \( 5 \% \) interest compounded annually and the money is left for 7 years. The final amount is \( \$ \) \( \square \) . Round answer to 2 decimal places Submit Question Question 4 \( 0 / 5 \) pts 3 98 Details

To calculate the final amount in an account with compound interest, you can use the formula \( A = P(1 + r)^t \). Here, \( A \) represents the amount of money accumulated after n years, including interest. \( P \) is the principal amount ($4,100), \( r \) is the annual interest rate (5% or 0.05), and \( t \) is the number of years the money is invested or borrowed (7 years). Plugging these values in gives you: \[ A = 4100(1 + 0.05)^7 \approx 4100(1.4071) \approx 5,758.02 \] So, the final amount after 7 years will be approximately \$5,758.02. But don't forget to watch out for those pesky rounding mistakes! Always ensure your calculations are correct before rounding your final answer. A common mistake is to round midway through calculations, which can lead to significant discrepancies in the final result. So, keep your numbers precise until the end!