SOLUTION: If a person invests $190 in an account that pays 4% interest compounded annually, find the balance after 10 years
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Question 825294: If a person invests $190 in an account that pays 4% interest compounded annually, find the balance after 10 years
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If a person invests $190 in an account that pays 4% interest compounded annually, find the balance after 10 years
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A(t) = P(1+(r/n))^(nt)
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A(10) = 190(1+(0.04/1))^(1*10) = 190(1.04)^10 = $281.25
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Cheers,
Stan H.
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