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you invest $2000 into savings account that gets 5% interest compounded yearly. How much money will you have after 7 years?
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3 votes
you invest $2000 into savings account that gets 5% interest compounded yearly. How much money will you have after 7 years?

User Tal Joffe
by
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1 Answer

4 votes

Answer:

$2814.20

Explanation:

The multiplier each year is 1.05, so after 7 years the principal invested will be multiplied by 1.05^7. (The exponent indicates repeated multiplication.)

After 7 years, the balance will be ...

$2000×1.05^7 ≈ $2814.20

User CLucera
by
6.2k points
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