raymondli60
raymondli60 raymondli60
  • 08-05-2018
  • Mathematics
contestada

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.

Respuesta :

TheBreeze
TheBreeze TheBreeze
  • 08-05-2018
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
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