Question

Kiara puts $300.00 into an account to use for school expenses. The account earns 9% interest, compounded annually. How much will be in the account after 7 years?

Answer 1

`~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$300\\ r=rate\to 9\%\to (9)/(100)\dotfill &0.09\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &7 \end{cases} \\\\\\ A = 300\left(1+(0.09)/(1)\right)^(1\cdot 7) \implies A = 300( 1.09)^(7)\implies A \approx 548.41`