Joe opened a savings account and deposited 7,559.00 as principal. The account earns 13% interest, compounded annually. What is the balance after 4 years?

Solution

Joe opened a savings account and deposited 7, 559.00 as principal. The account earns 13% interest, compounded annually. What is the balance after 4 years?

Solution

Amount : 12324.75

Solution steps

Translate the problem into an equation:

A = 7559 (1 + \frac{0.13}{1})^{1 \cdot 4}

7559 (1 + \frac{0.13}{1})^{1 \cdot 4} = 12324.75001 \dots

Round to the nearest hundredth:

12324.75

Amount : 12324.75

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