If $1,100 is deposited into a savings account offering 11% interest paid annually, approximately how much money will be in the account in 10 years?

$12,100

$11,000

$3,123

$1,227

Question

If $1,100 is deposited into a savings account offering 11% interest paid annually, approximately how much money will be in the account in 10 years?

$12,100

$11,000

$3,123

$1,227

anonymous · Answer

@texaschic101

mathmate · Answer

Hint:
Use the compound interest formula

F=future value
P=present value
r=annual interest rate
n=number of periods (years)

F=P(1+r)^n

anonymous · Answer

11,000?
sorry i have two days just to finish this odysseyware stuff im in a rush :(

mathmate · Answer

The formula is given to you.  Please take 30 seconds to calculate the answer.  It's faster that way.