SOLUTION: A person deposited $500 in a saving account that pays 5% annual interest that is compounded yearly. At the end of ten years, how much money will be in the saving account? specify w
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Question 631510: A person deposited $500 in a saving account that pays 5% annual interest that is compounded yearly. At the end of ten years, how much money will be in the saving account? specify whether it involves an arithmetic sequence or a geometric sequence.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
For annual compounding:
^t)
Where 
is the future value, 
is the present value, 
is the interest rate percentage, and 
is the number of years.
Geometric.
John
My calculator said it, I believe it, that settles it
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