Hazel opened a savings account and deposited 800.00 as principal. The account earns 7% interest, compounded annually. What is the balance after 10 years?

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Solución

Solución

Amount : 1573.72

Pasos de solución

Translate the problem into an equation:

A = 800 (1 + \frac{0.07}{1})^{1 \cdot 10}

800 (1 + \frac{0.07}{1})^{1 \cdot 10} = 1573.72108 \dots

Round to the nearest hundredth:

1573.72

Amount : 1573.72

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