Sam and Anna deposit $800.00 into a savings account which earns 7% interest compounded annually. They want to use the money in the account to go on a trip in 2 years. How much
will they be able to spend?
p(1+)",
Use the formula A = P 1 + 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.