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A $400 deposit for 7 years at a compound interest rate of 2%

Sagot :

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Answer:

The final balance is $853.63.

The total compound interest is $453.63.

The compound interest on initial balance is $59.47.

The compound interest on additional deposits is $394.16.

The final balance of initial money is $459.47.

The final balance of additional deposit is $394.16.

The sum of the additional deposits is $0.

The total principal (initial balance plus total additional deposits) is $400.

Step-by-step explanation:

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