Question

Audrey deposited $2,800 in a savings account that pays 2. 65% interest compounded annually. What is the total value of the account after 7 years?.

Answer 1

Explanation: This is simple interest

2.65 is already a decimal so we need to multiply

2800*2.65*7= 59140

then you would do 59140/2800 since you are trying to find the total and that would be 18.55.

Hence, the total value of the account after 7 years is $18.55