Question 1061517: If you could show your steps as to how you get this answer, that'd be so great! Thank you.
You invest $1,300 in an account that has an annual interest rate of 5%, compounded annually. How much money will be in the account after 10 years? Round your answer to the nearest whole number.
Found 3 solutions by addingup, LynnMomo, MathTherapy:
Answer by addingup(3677)   (Show Source):
You can put this solution on YOUR website! You have to apply the compound interest formula:
initial Capital(1+rate/n)^(n*time) = Amount The n does not apply to this problem, n is the number of compounding periods in a year. For example, if your compounded monthly, n = 12; if it compounded quarterly n= 4. In your case n = 0 so we don't have to concern ourselves with it. But remember, because you may have to use it solving another problem.
:
in this problem:
1,300(1+0.05)^10
1,300(1.05)^10
1,300*1.629 = 2,117.52, and rounded to the nearest: 2,118.
:
John
Answer by LynnMomo(10)  (Show Source):
You can put this solution on YOUR website! Do you know this formulae: A= P(1+r÷n)^nt
Whereas: p is principle= $1300
A is final amount= amount of money after 10 years
R is rate= 5%=0.05
T is time= 10 years
N is compoundings per period
A= $1300(1+0.05÷12)^12×10
= $2141.112347....
= $2141(nearest whole number)
So,$2141 is the amount of money will be in the acount after 10 years.
Good luck on your study.^_^
Answer by MathTherapy(10552)  (Show Source):
You can put this solution on YOUR website!
If you could show your steps as to how you get this answer, that'd be so great! Thank you.
You invest $1,300 in an account that has an annual interest rate of 5%, compounded annually. How much money will be in the account after 10 years? Round your answer to the nearest whole number.
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