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

asked Jul 10, 2019 83.1k views

5 votes

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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)

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5 votes

800×(1.07)^(4) =1,048.63

Osborne answered Jul 16, 2019

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