Question

Audrey deposited $2,800 in a savings account that pays 2.65% interest compounded annually. What is the total value of the account after 7 years? if you could please explain I do not understand

Answer 1

$3,362.57

Explanation:

Multiply the amount deposited by 0.265, then add the amount you get with the amount deposited. Continue multiplying the 0.265 by each total and keep adding and then you will eventually find the answer, which is 3,362.57.