document.write( "Question 284661: you put 5000$ in the bank the beginning of the year. From there, you earn 10% interest each year. how much money do you make after 50 years? \n" ); document.write( "

Algebra.Com's Answer #854222 by ikleyn(53878) $\"\"$ $\"About$

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\n" ); document.write( "you put 5000$ in the bank the beginning of the year. From there, you earn 10% interest each year.
\n" ); document.write( "how much money do you make after 50 years?
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\n" ); document.write( "\n" ); document.write( "        Calculations in the post by @mananth are incorrect, producing wrong answer,\r
\n" ); document.write( "\n" ); document.write( "        and his error is HUGE ( in 10 times !).\r
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\n" ); document.write( "\n" ); document.write( "        Below I place my correct solution.\r
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\n" ); document.write( "\n" ); document.write( "The formula for amount = p(1+r)^n
\n" ); document.write( "p = 5,000
\n" ); document.write( "r = 0.1
\n" ); document.write( "n = 50 years
\n" ); document.write( "Amount = 5000(1+0.1)^50
\n" ); document.write( "= 5000*1.1^50
\n" ); document.write( "= $586,954.26 will be the amount after 50 years\r
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\n" ); document.write( "\n" ); document.write( "Solved correctly.\r
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