If $\$ 600$ Is Invested At $4 \%$ Interest, Compounded Annually, Then After

question 105

Short Answer

If $\$ 600$ is invested at $4 \%$ interest, compounded annually, then after $n$ years the investment is worth $a _ { n } = 600 ( 1.04 ) ^ { n }$ dollars. Find the size of investment after 7 years.

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Definitions:

Soviet Union

A socialist state that spanned much of Europe and Asia from 1922 until its dissolution in 1991.

Emergency Banking Act

A law passed in 1933 during the Great Depression that aimed to stabilize the banking sector, restore public confidence, and prevent the failure of banks.

Roosevelt's Inauguration

The ceremony marking the beginning of Franklin D. Roosevelt's presidency, notable for his speech declaring the only thing to fear is "fear itself" during the Great Depression.