Estelle opened a savings account and deposited 300.00 as principal. The account earns 7% interest, compounded annually. What is the balance after 9 years?

Solution

Solution

Amount : 551.54

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.07}{1})^{1 \cdot 9}

300 (1 + \frac{0.07}{1})^{1 \cdot 9} = 551.53776 \dots

Round to the nearest hundredth:

551.54

Amount : 551.54

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