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Jasmine deposited 700 in an account earning 9% interest compounded annually.To the nearest cent, how much will she have in 1 year?

Solution

Jasmine deposited 700 in an account earning 9% interest compounded annually.To the nearest cent, how much will she have in 1 year?

Solution

Amount : 763

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.09}{1})^{1 \cdot 1}

700 (1 + \frac{0.09}{1})^{1 \cdot 1} = 763

Amount : 763

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