Mary just deposited $33,000 in an account paying 10% interest. She plans to leave the money in this account fo

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Mary just deposited $33,000 in an account paying 10% interest. She plans to leave the money in this account fo

How much will she have in the account at the end of the seventh year?

2006-08-28 15:08:18 · 2 answers · asked by Teesha S 1 in Education & Reference ➔ Higher Education (University +)

2 answers

At 10% interest her money will double in 7.2 years, then she will have $66,000.00.

2006-08-28 15:12:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋

The REAL answer is: It depends -- is it simple interest, compound interest (and compounded on what time frame), using the rule of 78s, etc etc etc.

ONCE you specify what and how the Interest Rate is being calculated fully, then the question can be answered. As it is -- it can NOT be calculated at this time with a definitive answer!

2006-08-28 15:30:27 · answer #2 · answered by sglmom 7 · 0⤊ 1⤋