determine the amount of an investment if $400 is invested at an annual interest rate of 7.25% for 7 years. round to the nearest

Question

AveGali [126]

3 years ago

5

determine the amount of an investment if $400 is invested at an annual interest rate of 7.25% for 7 years. round to the nearest

penny.

Mathematics

1 answer:

qwelly [4] · Answer 1 · 2021-12-17T11:41:27+03:00

qwelly [4]3 years ago

5 0

Equation for one year:
0.0725(400)
But we have 7 years:
7(0.0725(400))
Multiply in the parentheses
7(29) = 203
400 + 203 = 603
You now have $603, and made $203