6,700 dollars is placed in a savings account with an annual interest rate of 6%. If no money is added or removed from the account, which equation represents how much will be in the account after 7 years?

Solution

6, 700 dollars is placed in a savings account with an annual interest rate of 6%. If no money is added or removed from the account, which equation represents how much will be in the account after 7 years?

Solution

Amount : 9514

Solution steps

Translate the problem into an equation:

A = 6700 (1 + 0.06 \cdot 7)

6700 (1 + 0.06 \cdot 7) = 9514

Amount : 9514

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