Question

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?

And can you believe I have to do an essay about this stuff after I figure it out????

Answer 1

Do u have a financial calculator

Answer 2

Ur looking for the future value , compounded yearly is 1 time a year , the same as compounding annually, n=240 number of months in 20yrs

Answer 3

\[A=500*(1+0.05)^{10}=814.45\]

Answer 4

Sorry n=120

Answer 5

@walac is correct but if u have a financial calculator it's way easier to just plug and solve

Answer 6

Sorry n=120

Answer 7

No I do not have a financial calculator

Answer 8

Ti 84?

Answer 9

no had one but I can't find it

Answer 10

Is this for accounting ?

Answer 11

no

Answer 12

The bbest thing to do would be buy a new one because you can literally do these problems in less than 30 seconds

Answer 13

yeah I know I usually can figure out my problems but everytime I work it out I get a different answer I have to show my work