A person deposited $500 in a savings account that pays 5% annual interest that is
compounded yearly. At the end of 10 years, how much money will be in the savings
account?

Question

anonymous · Answer

use the formula


A = P [ 1 + R    ]^n
          [       ---  ]
          [       100  ]

where A is amount after n number of years i.e. 10 here
P is the sum deposited i.e. 500 and
R is rate of interest i.e. 5 here

anonymous · Answer

got the formula, what is the amount that will have been in savings

anonymous · Answer

i am getting the amount after 10 years as $814.50 (rounded off)

anonymous · Answer

THANK YOU

anonymous · Answer

does it match your answer key????

anonymous · Answer

i WON'T KNOW THE ANSWER UNTIL THE TEACHER CORRECTS IT.  I HAVE A REAL HARD TIME GETTING MATH BEYOND BASICS AND SIMPLE SQUARE ROOT AND ALGEBRA