Mason puts 700.00 into an account to use for school expenses. The account earns 9% interest, compounded annually. How much will be in the account after 5 years?

Solution

Solution

Amount : 1077.04

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.09}{1})^{1 \cdot 5}

700 (1 + \frac{0.09}{1})^{1 \cdot 5} = 1077.03676 \dots

Round to the nearest hundredth:

1077.04

Amount : 1077.04

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