An investor puts $800 in an account that pays 7% interest, compounded annually. Find the amount in the account after 4 years.

the amount in the account after 4 years is $1049

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = 800

r = 7% = 7/100 = 0.07

n = 1 because it was compounded once in a year.

t = 4 years

Therefore,

A = 800(1+0.07/1)^1 × 4

A = 800(1+0.07)^4

A = 800(1.07)^4

A = 1049

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step-by-step explanation:

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