You are opening a savings account with $500 that you have saved. The bank offers 3.2% interest, compounded yearly. How much money will you have in you account after 7 years?

You will have $623.3441462 in your account after 7 years

Step-by-step explanation:

The formula of the compounded interest is A = P , where

∵ You are opening a savings account with $500  

∴ P = 500

∵ The bank offers 3.2% interest, compounded yearly

∴ r = 3.2% ⇒ divide it by 100 to change it to decimal

∴ r = 3.2 ÷ 100 = 0.032

∵ The interest is compounded yearly

∴ n = 1

∵ The time is 7 years

∴ t = 7

→ Substitute these values in the rule above to find A

∵ A = 500

∴ A = 500

∴ A = 623.3441462

∴ You will have $623.3441462 in your account after 7 years

step-by-step explanation:

.there can be infinite values of m and n that can satisfy the above equation. for each value of m of m or n. there maybe infinite sets of solution for the above

step-by-step explanation: