Avery opened a savings account and deposited 200.00 as principal. The account earns 13% interest, compounded annually. What is the balance after 8 years?Round your answer to the nearest cent.

Solution

Solution

Amount : 531.69

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.13}{1})^{1 \cdot 8}

200 (1 + \frac{0.13}{1})^{1 \cdot 8} = 531.68883 \dots

Round to the nearest hundredth:

531.69

Amount : 531.69

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