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You deposit $750 into a savings account that pays 8% interest compounded yearly.How much money is in the account after 7 years assuming no additional deposits or withdrawals were made
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You deposit $750 into a savings account that pays 8% interest compounded yearly.How much money is in the account after 7 years assuming no additional deposits or withdrawals were made

User Shaun Scovil
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1 Answer

2 votes
Total = Principal * (1 + rate)^years
Total = 750 * (1.08) ^ 7
Total = 750 * 1.7138242688
Total = 1,285.37

User Kovy Jacob
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