SOLUTION: A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the eand of 10 years, how much money will be in the savings account?
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Question 357888: A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the eand of 10 years, how much money will be in the savings account?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the eand of 10 years, how much money will be in the savings account?
...
a=p(1+r/n)^nt
a=500*(1+0.05)^10
a= $814.4
...
m.ananth@hotmail.ca
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