Question

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.

Answer 1

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

Answer 2

sorry not 3.4
but 0.034

Answer 3

A = 50000(1 + 0.034)*10

Answer 4

sorry for that.

Answer 5

Okay, so now I got 517000.

Answer 6

But that isn't an answer choice.

Answer 7

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

Answer 8

that should be something like 69851.44

Answer 9

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

Answer 10

sorry for the confusion though lol

Answer 11

Haha it's okay

Answer 12

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