Adriana opened a savings account and deposited 7,593.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 8 years?

Solution

Adriana opened a savings account and deposited 7, 593.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 8 years?

Solution

Amount : 21659.69

Solution steps

Translate the problem into an equation:

A = 7593 (1 + \frac{0.14}{1})^{1 \cdot 8}

7593 (1 + \frac{0.14}{1})^{1 \cdot 8} = 21659.68870 \dots

Round to the nearest hundredth:

21659.69

Amount : 21659.69

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