SOLUTION: If $130 is invested in a savings account that earns 4% interest per year, which of the following is closest to the amount in the account at the end of 10 years? A) $218 B) $192

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: If $130 is invested in a savings account that earns 4% interest per year, which of the following is closest to the amount in the account at the end of 10 years? A) $218 B) $192       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 998177: If $130 is invested in a savings account that earns 4% interest per year, which of the following is closest to the amount in the account at the end of 10 years?
A) $218
B) $192
C) $168
D) $324
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!




Where is the future value, is the principal invested, is the interest rate expressed as a decimal, is the number of compounding periods per year, and is the number of years.

For your problem, is what you want to calculate, is $130, is 0.04, is 1, and is 10.

John

My calculator said it, I believe it, that settles it