Keith puts 700.00 into an account to use for school expenses. The account earns 14% interest, compounded annually. How much will be in the account after 7 years?

Solution

Solution

Amount : 1751.59

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.14}{1})^{1 \cdot 7}

700 (1 + \frac{0.14}{1})^{1 \cdot 7} = 1751.58815 \dots

Round to the nearest hundredth:

1751.59

Amount : 1751.59

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