SOLUTION: 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?
Algebra.Com
Question 708960: 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?
Answer by checkley79(3341) (Show Source): You can put this solution on YOUR website!
P(1+R)^T
500(1+.05)^10
500*1.05^10
500*1.62=$814.45 ANS.
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