The required balance is $939.9
Given,
Time=7 years
Principal=700
Rate=4.3%
Compound Intrest:
Compound interest (or compounding interest) is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.
The formula of the compound interest is,
[tex]A=P(1+\frac{r}{100})^T[/tex]
Now, substituting the given values into the above formula we get,
[tex]A=P(1+\frac{r}{100})^T \\A=700(1+\frac{4.3}{100})^7\\ A=939.9[/tex]
Learn More about Compound Intrest:
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