document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=540950>Question 540950</A>: <I><SPAN STYLE=\"word-break: break-all;\"> i need help solving this problem.<BR>\n" );
document.write( "A person deposited $500 in a savings account that pays 5% interest that is compounded yearly. At the end of 10 years, how much money will be in the savings account? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #353934 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=353934\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A person deposited $500 in a savings account that pays 5% interest that is compounded yearly. At the end of 10 years, how much money will be in the savings account?<BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
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document.write( "A(10) = 500(1+(0.05/1))^(1*10)<BR>\n" );
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document.write( "A(10) = 500(1.05)^10 = $814.45<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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