Akira puts $1,000.00 into an account to use for school expenses. The account earns 5% interest, compounded annually. How much will be in the account after 7 years?
nt
- P(1 + )
Use the formula A = P 1 + where A is the balance (final amount), P is the principal
(starting amount), r is the interest rate expressed as a decimal, n is the number of times per
year that the interest is compounded, and t is the time in years.
Round your answer to the nearest cent.