7,000 dollars is placed in a savings account with an annual interest rate of 3%. If no money is added or removed from the account, which equation represents how much will be in the account after 7 years?

Solution

7, 000 dollars is placed in a savings account with an annual interest rate of 3%. If no money is added or removed from the account, which equation represents how much will be in the account after 7 years?

Solution

Amount : 8470

Solution steps

Translate the problem into an equation:

A = 7000 (1 + 0.03 \cdot 7)

7000 (1 + 0.03 \cdot 7) = 8470

Amount : 8470

Popular Examples

The diameter of a circle is 5ft Find its area Xavier opened a savings account and deposited 200.00. The account earns 10% interest, compounded annually. If he wants to use the money to buy a new bicycle in 2 years, how much will he be able to spend on the bike?The product of the two consecutive positive integers is 11 more than their sum. What are the numbers? Write the numbers from least to greatest.Josh has 215 in an account. The interest rate is 14% compounded annually.To the nearest cent, how much will he have in 3 years?the difference between a number and 11