You are opening a savings account with $500 that you saved. The bank offers 3.2% interest, compounded yearly. How much money will you have in your account after 7 years?
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Step-by-step explanation:
P=$500
R=3.2%
Interest for 1st year= (500×3.2×1)/100
=$15
Principal for 2nd year=$515
I=(515×3.2)/100
=$16.48
Principal for 3rd year=$531.48
I=$17.007
principal for 4th year=$548.487
I=$17.55
principal for 5th year=$566.037
I=$18.113
principal for 6th year=$584.15
I=$18.69
principal for 7th year=$602.84
I=$19.29
Therefore, after 7 years we will get =$622.13
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