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A bank account yeilds 7 percent interest, compounded annually. If you deposit $1,000 in the account, what will the account balance be after 5 years?

A bank account yeilds 7 percent interest, compounded annually. If you deposit $1,000 in the account, what will the account balance be after 5 years?
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A bank account yeilds 7 percent interest, compounded annually. If you deposit $1,000 in the account, what will the account balance be after 5 years?

User Andrea Reina
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1 Answer

2 votes

Answer:

The account balance after 5 years will be $1402.55.

User Spiff
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