A bank account with $5000 is compounded annually at a rate of 5.5%. How much money will be in the account after 7 years? Round to the nearest cent.

Agoff asked May 19, 2023

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A bank account with $5000 is compounded annually at a rate of 5.5%. How much money will be in the account after 7 years?

Round to the nearest cent.

Agoff asked May 19, 2023

by Agoff

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21 votes

Answer:

The final balance is $7,341.61.

Or should I say: $7,342

Jefftopia answered May 26, 2023

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