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Economics - Financial Markets
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OpenStudy (anonymous):
Piper deposited $734.62 in a savings account that earns 2.6% simple interest. What is Piper’s account balance after seven years?
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OpenStudy (anonymous):
734.62 * (1 + 0.026) ^7 = 879.21$
OpenStudy (anonymous):
that one was for the compounded intrest and for the simple is : 734.62 * (2.6 % *7) + 734.62 = 868.32 $ hope it helps.
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