Answered

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 :

samuelonum1

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

Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.