Troy puts $200.00 into an account to use for school expenses. The account earns 7% interest, compounded annually. How much will
be in the account after 5 years? Use the formula A=P1+ r n nt, where A is the balance (final amount), P is the principal (starting amount), r is the interest rate expressed as a decimal, n is the number of times per year that the interest is compounded, and t is the time in years. Round your answer to the nearest cent.
To calculate exponential growth, use the formula y(t) = a__ekt, where a is the value at the start, k is the rate of growth or decay, t is time and y(t) is the population's value at time t.
