SOLUTION: if you put 1500$ in a savings account that paid 4.5% compounded yearly, how much interest would you earn in ten years ?

Question 844018: if you put 1500$ in a savings account that paid 4.5% compounded yearly, how much interest would you earn in ten years ?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
if you put 1500$ in a savings account that paid 4.5% compounded yearly, how much interest would you earn in ten years ?
-------
Find value in 10 years:
A(10) = 1500(1+(0.045/1))^(1*10)
A(10) = 1500(1.045)^10
A(10) = $2329.45
---
Interest earned = 2329.45-1500 = $829.45
============================
Cheers,
Stan H.
RELATED QUESTIONS
If you put $4,000 in a savings account that pays interest at the rate of 4%, compounded... (answered by rfer)

If you put $ 6,000 in a savings account that pays interest at the rate of 4 percent,... (answered by stanbon)

If you put $4,000 in a savings account that pays interest at the rate of 6 percent,... (answered by ikleyn)

Your grandma deposits $1000 in a savings account for you that pays 4% interest compounded (answered by scott8148)

If you put $1,500 in a savings account that pays 4% interest compounded continuously, how (answered by jim_thompson5910)

You have 3,000 in a savings account that pays 5 1/2% compounded annually. How much... (answered by Alan3354)

a person deposits 500.00 in a savings account that pays 5% annual interest that is... (answered by rfer)

Calculate how much interest you would earn if you invested $15000 in a GIC that paid 3.1% (answered by ikleyn)

If you put $5,000 in a savings account that pays interest at a rate of 4%, compunded... (answered by ewatrrr)