Darrell opened a savings account and deposited 600.00 as principal. The account earns 13% interest, compounded annually. What is the balance after 7 years?

Solution

Solution

Amount : 1411.56

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.13}{1})^{1 \cdot 7}

600 (1 + \frac{0.13}{1})^{1 \cdot 7} = 1411.56328 \dots

Round to the nearest hundredth:

1411.56

Amount : 1411.56

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