Zane opened a savings account and deposited 700.00 as principal. The account earns 13% interest, compounded annually. What is the balance after 7 years?

Solution

Solution

Amount : 1646.82

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.13}{1})^{1 \cdot 7}

700 (1 + \frac{0.13}{1})^{1 \cdot 7} = 1646.82383 \dots

Round to the nearest hundredth:

1646.82

Amount : 1646.82

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