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Catelyn invested $7000 in an account that earns 5.6% interest, compounded annually. The formula for compound interest is A(t) = P(1 + i)^t. How much did Catelyn have in the account after 4 years?

User Sec
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2 Answers

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Exactly as my friend said!
A smartphone calculator nowadays is quite helpful. In the future you just ca just type for ex. 7000 + 5,6 and hit the % buton them equal (the dirst year total with interest) than + 5,6 and again hit the % button and than = and so on 4 times and you will have the answer from previous answer. Hope it helps
User Stefaan Neyts
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6 votes


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User Mco
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