Avery opened a savings account and deposited 800.00 as principal. The account earns 15% interest, compounded monthly. What is the balance after 7 years?

Solution

Solution

Amount : 2271.29

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.15}{12})^{12 \cdot 7}

800 (1 + \frac{0.15}{12})^{12 \cdot 7} = 2271.29040 \dots

Round to the nearest hundredth:

2271.29

Amount : 2271.29

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