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Find the balance in the account. $800 principal earning 7%, compounded annually, after 4 years

Find the balance in the account. $800 principal earning 7%, compounded annually, after 4 years
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5 votes
Find the balance in the account. $800 principal earning 7%, compounded annually, after 4 years

User Mhristache
by
8.1k points

2 Answers

4 votes
Use the compound amount formula: A = P (1+r)^t

Here,

A = $800 (1+0.07)^4 = $800 ( 1.31) = $1048.64 (rounded off to the nearest cent)
User Muhammad Asaduzzaman
by
8.1k points
5 votes
800×(1.07)^(4) =1,048.63
User Osborne
by
8.2k points
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