A savings account balance is compounded. annually. If the interest rate is 2% per year and the current balance is $1,427.00, what will the balance be 7 years from now?

Question

asked Mar 23, 2024 104k views

1 Answer

Headsvk · Answer 1 · 2024-03-27T09:03:47+0000

Answer:

$1,639.17

Explanation:

1,427(1+0.02)^7

Where 1,427 is the original balance, and 0.02 is the interest rate, and the exponent is the number of years interest is compounded
= 1,639.1744477