For 7 years, Sheri deposits $3350 at the end of each year into an account that earns 19.7% per year compounded annually. Determine the interest earned.
[tex]\bf ~~~~~~~~~~~~\textit{Future Value of an ordinary annuity}\\
~~~~~~~~~~~~(\textit{payments at the end of the period})
\\\\
A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right] \\\\\\
~~~~~~
\begin{cases}
A=\textit{accumulated amount}\\
pymnt=\textit{periodic payments}\to &3350\\
r=rate\to 19.7\%\to \frac{19.7}{100}\to &0.197\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{annually, thus once}
\end{array}\to &1\\
t=years\to &7
\end{cases}[/tex]
