At the beginning of the year 2002, Sarah put $250 in a savings account. The bank agrees to pay Sarah 3% interest on her total savings at the end of each year including the interest added to the account. Assume the interest rates stay constant and Sarah does not deposit any more money into the bank. How much will she have in her savings, to the nearest cent, after 7 interest payments?

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Landen Patrick

11 March, 00:33

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Gunner · Answer 1

7*250=1750

1750+250=2000

2000*3:100 = 60 (so you can find how much money is the 3% of interest)

2000+60=2060$