Total amount = p (1 + i)t what is the total amount that first consumer bank will receive after lending jane $7,000 for three years at an interest rate of 5 percent, compounded annually? a. $8,103.38 b. $8,114.92 c. $8,358.37

F = final amount = unknown

P = 7000 is the principal (amount loaned)

i = 0.05 is the decimal form of 5% interest rate

t = 3 years go by

Plug those three values into the formula below and simplify

F = P*(1+i)^t

F = 7000*(1+0.05)^3

F = 7000*(1.05)^3

F = 7000*(1.157625)

F = 8103.375

F = 8103.38