Westonci.ca makes finding answers easy, with a community of experts ready to provide you with the information you seek. Explore a wealth of knowledge from professionals across various disciplines on our comprehensive Q&A platform. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.
Sagot :
Answer:
2376.20 (to the nearest cent)
Step-by-step explanation:
Given:
Principal, P = 700
Rate, r = 13% = 0.13
Compounding per year, n = 1 (compounded annually)
Time, t = 10 years
Apply formula
Balance,
A = P(1+r/n)^(nt)
= 700 (1 +0.13/1)^(1*10)
= 700(1.13)^10
= 2376.20 (to the nearest cent
Here is how you can estimate an answer to find the right one among different answers.
It takes money a number of years to double. In this case, it takes 72/13 = 5.5 years to double (by the rule of 72).
For ten years (<11), it should be less than doubling twice. Even if it did, it would be (700*2)*2 = 2800, but not more.
Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.