How much compound interest will $50,000 earn in 10 years at 3.4% APR compounded yearly, providing no deposits or withdrawals are made? Hint: Use the formula A = P(1.00 + r)n.

Question

anonymous · Answer

I've gotten 2 different answers and none of them are the choices.

anonymous · Answer

sorry not 3.4
but 0.034

anonymous · Answer

A = 50000(1 + 0.034)*10

anonymous · Answer

sorry for that.

anonymous · Answer

Okay, so now I got 517000.

anonymous · Answer

But that isn't an answer choice.

anonymous · Answer

yes i guess it should be ^10 and not *10
A = 50000 * (1 + 0.034)^10

anonymous · Answer

that should be something like 69851.44

anonymous · Answer

Alright haha, I got that now. Thank you. :) @Coolsector

anonymous · Answer

sorry for the confusion though lol

anonymous · Answer

Haha it's okay

agent0smith · Answer

A = P(1.00 + r)^n... not multiplied by n.