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Lily opened a savings account and deposited $1,000 into the account. If she earns 5% per year and does not deposit additional money into the account, how much money will she have in the account after 7 years?

 Feb 16, 2016
edited by jesspenz  Feb 16, 2016
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Assuming compound interst, we have

 

A = 1000 ( 1 + .05)^7  = $1407.10    after 7 years

 

 

cool cool cool

 Feb 16, 2016

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