Register

1. An investor deposits $1000 in an account that promises an annual interest rate of 5%, compounded at the end of each year. How much will be in the account after seven years?

1. An investor deposits $1000 in an account that promises an annual interest rate of 5%, compounded at the end of each year. How much will be in the account after seven years?
asked 120k views
1 vote
1. An investor deposits $1000 in an account that promises an annual interest rate of 5%,

compounded at the end of each year. How much will be in the account after seven years?

asked
User Tim Heuer
by
8.1k points

1 Answer

5 votes

Answer:

$1,407.10

Explanation:

1000(1.05)^7 = 1.05^7 ≈ 1.40710 * 1000 = $1,407.10

answered
User Dzeikei
by
8.8k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!