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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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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?

User Akshay Kishore
by
4.9k points

1 Answer

2 votes

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

$894

User Hjhill
by
5.3k points
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