jennanielsen5 jennanielsen5
  • 09-01-2018
  • Mathematics
contestada

Find the balance in the account. $800 principal earning 7%, compounded annually, after 4 years

Respuesta :

philipscaster83
philipscaster83 philipscaster83
  • 09-01-2018
800×(1.07)^(4) =1,048.63
Answer Link
altavistard
altavistard altavistard
  • 09-01-2018
Use the compound amount formula:  A = P (1+r)^t

Here,

A = $800 (1+0.07)^4  = $800 ( 1.31) = $1048.64 (rounded off to the nearest cent)
Answer Link

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