Cody invests 1,067 in a savings account with a fixed annual interest rate of 3% compounded 12 times per year.What will the account balance be after 7 years

Solution

Cody invests 1, 067 in a savings account with a fixed annual interest rate of 3% compounded 12 times per year.What will the account balance be after 7 years

Solution

Amount : 1315.99

Solution steps

Translate the problem into an equation:

A = 1067 (1 + \frac{0.03}{12})^{12 \cdot 7}

1067 (1 + \frac{0.03}{12})^{12 \cdot 7} = 1315.98957 \dots

Round to the nearest hundredth:

1315.99

Amount : 1315.99

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