SOLUTION: 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?

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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?
Found 2 solutions by mananth, richwmiller:
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
The formula for amount =p(1+(r/100))^n
p=50,000
r=10
n=50 years
Amount = 50000(1+10/100)^50
= 50000(11/10)^50
=$5,869,542.64 will be the amount after 50 years

Answer by richwmiller(17219) About Me  (Show Source):
You can put this solution on YOUR website!
that's 5000 not 50,000 for p
If his formula is right that yields
$586,954.24