Jenny invests $650 at a 5% interest rate that is compounded annually for 7 years. She does not deposit or withdraw any money. How much money

Question

Jenny invests $650 at a 5% interest rate that is compounded annually for 7 years. She does not deposit or withdraw any money. How much money should she have at the end of 7 years?

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Adalynn 2 weeks 2021-09-10T13:51:43+00:00 1 Answer 0

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    2021-09-10T13:52:47+00:00

    Answer:

    $877.50

    Step-by-step explanation:

    First, converting R percent to r a decimal

    r = R/100 = 5%/100 = 0.05 per year.

    Solving our equation:

    A = 650(1 + (0.05 × 7)) = 877.5

    A = $877.50

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