Get the answers you need at Westonci.ca, where our expert community is always ready to help with accurate information. Get quick and reliable solutions to your questions from a community of experienced experts on our platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Esha is seeking to invest for college. She selects an account with a compound interest rate of 2% per year. If she initially deposits $7,000, then how much will her investment be worth at the end of 5 years?

Sagot :

Answer:

$7700

Step-by-step explanation:

Given data

Rate= 2%

Principal= $7000

Time= 5 years

The simple interest expression is

A=P(1+rt)

substitute

A=7000(1+0.02*5)

A=7000(1+0.1)

A=7000*1.1

A=7700

Hence the amount is $7700