Question

Find the balance in the account after the given period. $2000 principal eating 5% compounded annually, 7 years

Answer 1

formular is (principal *time*rate )/100 +principal
so applying that we have( 2000*5*7) +2000 which gives 2700 dollarss

Answer 2

a= 2000
r= .05
t= 7

y= a(1+r)^r
y= 2000(1+.05)^7
y= 2000(1.05)^7
y= 2814.20

*rounded to the nearest hundreth