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Jenny invests $650 at a 5% interest rate that is compounded annually for 7 years. She does not deposit or withdraw any money. How much money should she have at the end of 7 years?

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gamethentame

Answer:

$877.50

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 5%/100 = 0.05 per year.

Solving our equation:

A = 650(1 + (0.05 × 7)) = 877.5

A = $877.50

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