Gael deposited $600 in an account that earns 7% interest compounded annually. If he makes no withdrawals or deposits, how much interest will the account earn after 7 years?

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Aaron Zeckoski asked Dec 8, 2022

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44 votes

Gael deposited $600 in an account that earns 7% interest

compounded annually. If he makes no withdrawals or deposits, how
much interest will the account earn after 7 years?

Mathematics
high-school

Aaron Zeckoski asked Dec 8, 2022

by Aaron Zeckoski

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1 Answer

17 votes

Over 7 years, there would be 49% increase, so 600 (1.49) = 894

$894

Sergeyol answered Dec 13, 2022

by Sergeyol

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