You deposit $1000 in a savings account that earns 3% interest compounded annually. How much money is in your account after 7 years?

Question

asked Jan 14, 2024 197k views

1 Answer

Dennis Williamson · Answer 1 · 2024-01-18T04:12:24+0000

Answer:

..CA = acquired in capital

C = capital

t = annual interest rate

n = number of periods

formulas:

CA=C*(1+t/100)^n

AC = 1000*(1+3/100)^7

Turnover = 1000*1.03^7=$1229.87...

he will have $1229.87 at the end of 7 years

Explanation: