Luke puts $200 into his account to use for school expenses. The account earns 2% interest, compounded annually. How much will be in the account after 7 years?

$230 will be in the account after 7 years.

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 = 200

r = 2% = 2/100 = 0.02

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

t = 7 years

Therefore,.

A = 200(1+0.02/1)^1 × 7

A = 200(1.02)^7

A = $230

first, we define the variables:

x: number of years after 1950

f (x): amount of vinyl sold.

then, with the variables defined, we have:

68594 vinyl records were sold in 1958 > f (8) = 68594

91299 vinyl records were sold in 1961 > f (11) = 91299

38720 vinyl records were sold in 1952 > f (2) = 38720

161743 vinyl records were sold in 1967 > f (17) = 161743

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step-by-step explanation:

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