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Beliebt Word Problems >

Zane opened a savings account and deposited 700.00 as principal. The account earns 13% interest, compounded annually. What is the balance after 7 years?

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Lösung

Zaneopenedasavingsaccountanddeposited700.00asprincipal.Theaccountearns13%interest,compoundedannually.Whatisthebalanceafter7years?

Lösung

Amount:1646.82
Schritte zur Lösung
Translate the problem into an equation:A=700(1+10.13​)1⋅7
700(1+10.13​)1⋅7=1646.82383…
Round to the nearest hundredth:1646.82
Amount:1646.82

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