Find the balance in the account after the given period. $2000 principal eating 5% compounded annually, 7 years

asked Jul 12, 2019 6.6k views

1 vote

8.7k points

Please log in or register to add a comment.

4 votes

a= 2000
r= .05
t= 7

y= a(1+r)^r
y= 2000(1+.05)^7
y= 2000(1.05)^7
y= 2814.20

*rounded to the nearest hundreth

Diamante answered Jul 15, 2019

7.6k points

4 votes

formular is (principal *time*rate )/100 +principal
so applying that we have( 2000*5*7) +2000 which gives 2700 dollarss

Martin Sax answered Jul 19, 2019

7.8k points

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

8.7m questions

11.3m answers