\ Krysta opened a savings account and deposited 500.00 as principal. The account earns 10% interest, compounded annually. What is the balance after 7 years

Solution

Solution

Amount : 974.36

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.1}{1})^{1 \cdot 7}

500 (1 + \frac{0.1}{1})^{1 \cdot 7} = 974.35855

Round to the nearest hundredth:

974.36

Amount : 974.36

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