SOLUTION: David deposited $10,000 in an account that pays 5 percent interest compounded annually. how much money did he have in his account after the first 10 years.

Question 1202578: David deposited $10,000 in an account that pays 5 percent interest compounded annually. how much money did he have in his account after the first 10 years.
Found 2 solutions by ikleyn, mananth:
Answer by ikleyn(52781)   (Show Source): You can put this solution on YOUR website!
.

M = = = 16288.95 dollars. ANSWER

Solved.

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To see many other similar (and different) solved problems on compounded interest accounts, look into the lesson
    - Compounded interest percentage problems
in this site.

Learn the subject from there.

Answer by mananth(16946)   (Show Source): You can put this solution on YOUR website!
Amount after 10 years ?
P=10000
r=5% = 0.05
n= 10
A = p*(1+r)^n
A = 10000*(1+0.05)^10
= $16288.95

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