suheybabdullahi suheybabdullahi
  • 12-06-2021
  • Mathematics
contestada

Find the balance of the account earning interest compound annually.
$7000 at 4% for 2 years

Respuesta :

sqdancefan
sqdancefan sqdancefan
  • 12-06-2021

9514 1404 393

Answer:

  $7571.20

Step-by-step explanation:

Each year, the balance is multiplied by 1+4% = 1.04. After 2 years, the balance is ...

  $7000 × 1.04 × 1.04 = $7571.20

_____

Additional comment

The repeated multiplication is usually indicated with an exponent:

  $7000×1.04²

Answer Link

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