# SOLUTION: you put 5000\$ in the bank the beginning of the year. From there, you earn 10% interest each year. how much money do you make after 50 years?

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 Click here to see ALL problems on Money Word Problems Question 284661: you put 5000\$ in the bank the beginning of the year. From there, you earn 10% interest each year. how much money do you make after 50 years?Found 2 solutions by mananth, richwmiller:Answer by mananth(13127)   (Show Source): You can put this solution on YOUR website!The formula for amount =p(1+(r/100))^n p=50,000 r=10 n=50 years Amount = 50000(1+10/100)^50 = 50000(11/10)^50 =\$5,869,542.64 will be the amount after 50 years Answer by richwmiller(10283)   (Show Source): You can put this solution on YOUR website!that's 5000 not 50,000 for p If his formula is right that yields \$586,954.24