Eduardo opened a savings account and deposited 300.00 as principal. The account earns 13% interest, compounded annually. What is the balance after 8 years?

Solution

Solution

Amount : 797.53

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.13}{1})^{1 \cdot 8}

300 (1 + \frac{0.13}{1})^{1 \cdot 8} = 797.53325 \dots

Round to the nearest hundredth:

797.53

Amount : 797.53

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