Asked by Baby_Banana

Hi, can someone please walk me through this? I forgot how to do this and I lost my notes about it from last year


Audrey deposited $2,800 in a savings account that pays 2.65% interest compounded annually. What is the total value of the account after 7 years?
Answered by Scott
for annual compounding

total value = initial (1 + interest)^years

t.v. = 2800 (1 + .0265)^7
Answered by Baby_Banana
Ooooo, okay. When I did the math I got 3,362.57, is that correct or did I do something wrong?
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