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Suppose that 7000 is placed in an account that pays 3% interest compounded each year.Assume that no withdrawals are made from the account. Do not do any rounding. Find the amount in the account at the end of 1 year.

Solution

Solution

Amount : 7210

Solution steps

Translate the problem into an equation:

A = 7000 (1 + \frac{0.03}{1})^{1 \cdot 1}

7000 (1 + \frac{0.03}{1})^{1 \cdot 1} = 7210

Amount : 7210

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