1. An investor deposits $1000 in an account that promises an annual interest rate of 5%, compounded at the end of each year. How much will be in the account after seven years?

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MEvans asked Mar 7, 2022

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18 votes

1. An investor deposits $1000 in an account that promises an annual interest rate of 5%,

compounded at the end of each year. How much will be in the account after seven years?

Mathematics
high-school

MEvans asked Mar 7, 2022

by MEvans

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1 Answer

15 votes

Answer:

$1,407.10

Explanation:

1000(1.05)^7 = 1.05^7 ≈ 1.40710 * 1000 = $1,407.10

Sandeep Datta answered Mar 11, 2022

by Sandeep Datta

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