Matthew deposits $400 into an account that earns 7% interest compounded quarterly. What is the balance in his account after 10 y

Question

2 years ago

7

ears? (Round to the nearest dollar)

2 answers:

user100 [1] · Answer 1 · 2022-10-26T18:54:11+03:00

Answer:

$787

Step-by-step explanation:

In terms of interest

To find the multiplier using '7% more' continues as follows

100% + 7% = 107%

107/100 = 1.07 (multiplier)

Add the ten years as a power to the multiplier

1.07^10

And multiply this by $400

400 x 1.07^10 = 786.860542916

To the nearest dollar = $787

Andrej [43] · Answer 2 · 2022-10-26T20:04:56+03:00

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