Naomi puts 2,000.00 into an account to use for school expenses. The account earns 5% interest, compounded annually. How much will be in the account after 7 years?

Solución

Naomi puts 2, 000.00 into an account to use for school expenses. The account earns 5% interest, compounded annually. How much will be in the account after 7 years?

Solución

Amount : 2814.2

Pasos de solución

Translate the problem into an equation:

A = 2000 (1 + \frac{0.05}{1})^{1 \cdot 7}

2000 (1 + \frac{0.05}{1})^{1 \cdot 7} = 2814.20084 \dots

Round to the nearest hundredth:

2814.2

Amount : 2814.2

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