Math Problem Statement

Kyle has $700 in a savings account. The interest rate is 14%, compounded annually.

To the nearest cent, how much will he have in 2 years?

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth

Formulas

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

Theorems

Compound Interest Formula

Suitable Grade Level

Grades 9-12