Hannah opened a savings account and deposited 9,720.00 as principal. The account earns 7% interest, compounded annually. What is the balance after 9 years?

Solution

Hannah opened a savings account and deposited 9, 720.00 as principal. The account earns 7% interest, compounded annually. What is the balance after 9 years?

Solution

Amount : 17869.82

Solution steps

Translate the problem into an equation:

A = 9720 (1 + \frac{0.07}{1})^{1 \cdot 9}

9720 (1 + \frac{0.07}{1})^{1 \cdot 9} = 17869.82354 \dots

Round to the nearest hundredth:

17869.82

Amount : 17869.82

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