Question

Please help!

Lilah deposited $315 into her savings account that is compounded quarterly at an annual rate of 6%. How much money will Lilah have in her account, to the nearest cent, after 7 years if she makes no additional deposits? Click “show your work” and show your steps to solve this problem.

Answer 1

Exponential Growth Formula:
`y = b(1+r)^t`

`b = 315\\r = 0.06\\t = 7\\\\y = 315(1+0.06)^7\\y = 315(1.06)^7\\y = 315(1.50363)\\y = 473.64345\\y = 473.64`

After 7 years, she will make $473.64