Tracy puts 400.00 into an account to use for school expenses. The account earns 7% interest, compounded annually. How much will be in the account after 7 years?

Solución

Solución

Amount : 642.31

Pasos de solución

Translate the problem into an equation:

A = 400 (1 + \frac{0.07}{1})^{1 \cdot 7}

400 (1 + \frac{0.07}{1})^{1 \cdot 7} = 642.31259 \dots

Round to the nearest hundredth:

642.31

Amount : 642.31

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