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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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1 vote
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?

User Tim Heuer
by
8.1k points

1 Answer

5 votes

Answer:

$1,407.10

Explanation:

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

User Dzeikei
by
8.8k points
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