Monica opened a savings account and deposited 400.00 as principal. The account earns 15% interest, compounded annually. What is the balance after 7 years?

Solution

Solution

Amount : 1064.01

Solution steps

Translate the problem into an equation:

A = 400 (1 + \frac{0.15}{1})^{1 \cdot 7}

400 (1 + \frac{0.15}{1})^{1 \cdot 7} = 1064.00795 \dots

Round to the nearest hundredth:

1064.01

Amount : 1064.01

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