SOLUTION: Ms. White invests $2,000 in a saving plan. The savings account pays an annual interest rate of 5.75% on the amount she put in at the end of each year. How much will be in her savi

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: Ms. White invests $2,000 in a saving plan. The savings account pays an annual interest rate of 5.75% on the amount she put in at the end of each year. How much will be in her savi      Log On


   

Question 1137685: Ms. White invests $2,000 in a saving plan. The savings account pays an annual interest rate of 5.75% on the amount she put in at the end of each year. How much will be in her saving plan at the end of 10 years?
Answer by ikleyn(52850) About Me  (Show Source):
You can put this solution on YOUR website!
.
Assuming simple interest account,

2000 + 0.0575*2000*10 = 3150 dollars at the end of 10 years.



Assuming compound interest account

2000%2A%281%2B0.0575%29%5E10 = 3498.11 dollars at the end of 10 years.