Hazel opened a savings account and deposited 800.00 as principal. The account earns 7% interest, compounded annually. What is the balance after 10 years?

Pre Algebra
Algebra
Pre Calculus
Calculus
Functions
Linear Algebra
Matrices & Vectors
Trigonometry
Statistics
Physics
Chemistry
Finance
Economics
Conversions

Solution

Solution

Amount : 1573.72

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.07}{1})^{1 \cdot 10}

800 (1 + \frac{0.07}{1})^{1 \cdot 10} = 1573.72108 \dots

Round to the nearest hundredth:

1573.72

Amount : 1573.72

Popular Examples

Half a certain number is 8:What is the number?The perimeter of a square family room is 28 meters. How long is each side?The perimeter of a square field is 272 yards. How long is each side?Sue's age is not 4y :old.john has 3 apples and gives 1 to sara, how much apples does john have?