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What would be the future value of a savings account started with $675, earning 9 percent (compounded annually) after 7 years? (?

What would be the future value of a savings account started with $675, earning 9 percent (compounded annually) after 7 years? (?
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What would be the future value of a savings account started with $675, earning 9 percent (compounded annually) after 7 years? (?

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User FRocha
by
8.2k points

1 Answer

4 votes
The formula is
A=p (1+r)^t
A future value?
P present value 675
R interest rate 0.09
T time 7 years
A=675×(1+0.09)^(7)=1,233.93
answered
User Ismailperim
by
7.6k points
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