Answered

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nicholasomondiongoma

The answer is

7964.39 dollars

mathmate

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.

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