This equation calculates the value, P, of an account with an initial deposit of P0 and an interest rate of r compounded n times per year after t years.
P = P0 (1+r/n)nt
Vanessa deposits $700 in a savings account with an interest rate of 2% compounded monthly. Assuming she neither adds to nor withdraws from the account, what will be the approximate value of the account in 7 years?
А. $889.57
B. $887.77
C. $714.13
D $805.10
