Stefan puts 200.00 into an account to use for school expenses. The account earns 7% interest, compounded annually. How much will be in the account after 4 years?

Solution

Solution

Amount : 262.16

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.07}{1})^{1 \cdot 4}

200 (1 + \frac{0.07}{1})^{1 \cdot 4} = 262.159202

Round to the nearest hundredth:

262.16

Amount : 262.16

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