Martin deposits $700 into a savings account that gains interest at a rate of 5.5% annually. If he waits 7 years to withdraw the
money, will he have earned more or less money than $275 and by how much?
1 answer:
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Use the multiplier 1.055
final = original x multiplier^n
where 'n' is the number of years
Sub the values in
final = 700 x 1.055^7
final = 1018.27
Subtract the values:
1018.27 - 700 = 318.27
Thus, he earns more than $275
He earns $43.27 more
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