Question

David deposited $400 in his account. If his bank offers 2.5% interest compounded monthly, how much will be in his account in 7 years?

Answer 1

to make it easier let's convert the rate in year

so it will be (2.5×12)

we gotta find CA(compound amount)

P=PRINCIPAL=$400

R=RATE=(2.5×12)%

T=TIME=7 years