3 years ago

$800 principal earning 7%, compounded annually, after 4 years

1 answer:

6 0

Answer:

$1050

Step-by-step explanation:

<h2><u>formula for compound interest method:</u></h2>

A = P ( 1 + r/100)^n

A is actual amount

r is the rate of interest

P is the principle

n is the number of years

A = 800 (1 * 7/100)^4

= 1048.637

to 3sf = <u>$1050</u>

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