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Find the future value of $800 deposited at 5% for 2 years if the account pays simple interest, and the account pays interest compounded annually

  • Math college - ,

    Find the future value of $700 deposited at 3% for 7 years if the account pays simple interest and the account pays interest compounded annually

  • Math - ,

    Simple interest is just:
    Interest = Principle x rate x time
    be sure to write % as a decimal to 5% = .05 and 3% = .03
    You can add your interest to the original value to find the future value.

    Compounded annually:
    Future value = P(1+ rate)^time
    tiffany's problem:
    Future value = P(1+.03)^7

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