SOLUTION: Which of the following best describes the amount of money you'll have if you put $1000 into a savings account earning 1% annual compound interest for 10 years? You can ignore the i
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Question 1172061: Which of the following best describes the amount of money you'll have if you put $1000 into a savings account earning 1% annual compound interest for 10 years? You can ignore the impact of inflation in this question.
A. Exactly $1100
B.Slightly more than $1100
C. $2000
D.Exactly $11,000 Answer by ikleyn(52908) (Show Source):
The exact formula is
Future value = = .
Use your calculator.
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To learn the subject and to see many other similar problems solved (your TEMPLATES), look into the lesson
- Problems on discretely compound accounts
in this site, and learn the subject from there.
After reading this lesson, you will tackle such problems on your own without asking for help from outside.
