SOLUTION: Sarah deposited $500.00 into 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?
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Question 465406: Sarah deposited $500.00 into 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?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
^{nt})
Where 
is the future value, 
is the present value, 
is the annual interest rate (as a decimal), 
is the number of compounding periods per year, and 
is the number of years.
Substitute your values:
^{1\,\cdot\,10}\ =\ 500\left(1.05\right)^{10})
You can punch your own calculator buttons.
John
My calculator said it, I believe it, that settles it
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