Concept explainers
To find:
The balance of the account after 5 years. Round your answer to the nearest cent.
Answer to Problem 7.36EP
The balance of the account after 5 years would be approximately $695.56.
Explanation of Solution
Given:
You deposit$600 into a savings account that earns 3% interest compounded annually.
Concept used:
Compound interest formula:
Calculation:
Let us convert our given interest rate in decimal form as:
Since interest is compounded per year, so the value of n would be 1.
Upon substituting our given values in continuous formula, we will get:
Therefore,the balance of the account after5 years would be approximately $695.56.
Chapter CSR Solutions
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
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