SOLUTION: Can you help me? I need another question answered. Suppose you deposit $10,000 for 2 years at a rate of 10%. Calculate the return (A) if the bank compounds annually (n=1). Round

Question 73863: Can you help me? I need another question answered.
Suppose you deposit $10,000 for 2 years at a rate of 10%. Calculate the return (A) if the bank compounds annually (n=1). Round your answer to the hundredth's place.
The formula for calculating the amount of money returned for an inital deposit money into a bank is
A = P (1 + r)nt
-
n
Pleas help!!
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Suppose you deposit $10,000 for 2 years at a rate of 10%. Calculate the return (A) if the bank compounds annually (n=1). Round your answer to the hundredth's place.
The formula for calculating the amount of money returned for an inital deposit money into a bank is
A = P (1 + r/n)^(nt)
A = 10000(1+0.10/1)(1*2)
A = 10000(1.1)^2
A = $12,100.00
----------------
Cheers,
Stan H.

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