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Martin deposits $700 into a savings account that gains interest at a rate of 5.5% annually. If he waits 7 years to withdraw the money, will he have earned more or less money than $275 and by how much?

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BoujeeAngel

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Use the multiplier 1.055

final = original x multiplier^n

where 'n' is the number of years

Sub the values in

final = 700 x 1.055^7

final = 1018.27

Subtract the values:

1018.27 - 700 = 318.27

Thus, he earns more than $275

He earns $43.27 more

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