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Sean opened a savings account and deposited $1,000.00 as principal. The account earns 6% interest, compounded annually. What is the balance after 7 years?

Use the formula A=P(1+ʳ/ₙ)ⁿᵗ, where A is the balance (final amount), P is the principal (starting amount), r is the interest rate expressed as a decimal, n is the number of times per year that the interest is compounded, and t is the time in years.

Round your answer to the nearest cent.

A = $1503.6

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 = 1000

r = 6% = 6/100 = 0.06

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

t = 7 years

Therefore,.

A = 1000(1 + 0.06/1)^1 × 7

A = 1000(1.06)^7

A = $1503.6