Question

pls help. i need help doing this problem and have been going at it for the longest. this is algebra II.

Answer 1

N in the equation is the number of times it compounds in a year. Since it is compounded yearly n = 1.

A = 1000( 1+ 0.08/1)^(7x1)

A = 1000(1.08)^7

A = $1,713.82

They will have $1.713.82 after 7 years