find the balance in the account. $2,400 principal earning 2%, compounded annually, after 7 years $2,736.00 $2,756.85 $307,200.00 $17,136.00

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Bergstauardoitsd Bergstauardoitsd

01-07-2016
Mathematics

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find the balance in the account. $2,400 principal earning 2%, compounded annually, after 7 years $2,736.00 $2,756.85 $307,200.00 $17,136.00

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meerkat18 meerkat18 · Answer 1 · 2016-07-09T20:09:59+02:00

The future worth (F) of the current investment (P) that has an interest (i) that is compounded annually is calculated through,
F = P x (1 + i)^n
where n is the number of compounding period. Substituting the given values,
F = ($2,400) x ( 1+ 0.02)^7 = $2,756.85
Thus, the future worth is approximately $2,756.85. The answer is the second choice.