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How much money will be in a bank account after 9 years if $7 is deposited at an interest rate of 5% compounded annually?

How much money will be in a bank account after 9 years if $7 is deposited at an interest rate of 5% compounded annually?
asked 157k views
1 vote
How much money will be in a bank account after 9 years if $7 is deposited at an interest rate of 5% compounded annually?

asked
User Cazineer
by
8.6k points

1 Answer

3 votes
The formula is
A=p (1+r)^t
A future value?
P present value 7
R interest rate 0.05
T time 9 years
A=7×(1+0.05)^(9)
A=10.86
answered
User Nick Grealy
by
8.3k points
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