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Samuel puts 800.00 into an account to use for school expenses. The account earns 11% interest, compounded annually. How much will be in the account after 4 years?Round your answer to the nearest cent.

Solution

Solution

Amount : 1214.46

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.11}{1})^{1 \cdot 4}

800 (1 + \frac{0.11}{1})^{1 \cdot 4} = 1214.456328

Round to the nearest hundredth:

1214.46

Amount : 1214.46

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