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?
500 x
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Question 401937: 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?
500 x 5% = 25
25 x 10 = 250
500+250 = 750
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
= initial deposit
= interest rate
= years invested
= amount after years
Not one of the choices?
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