Question

The amount of money, A, accrued at the end of n years when , P, is invested at a compound annual rate , r, is given by A=P(1+R)n. If a person invests $200 in an account that pays 10% interest compounded annually, find the balance after 10 years.

Answer 1

Have you considered substituting the given values into the formula?

P = 200
R = 10% = 0.10
n = 10

\(A = P(1+R)^{n}\)