SOLUTION: A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the eand of 10 years, how much money will be in the savings account?

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the eand of 10 years, how much money will be in the savings account?      Log On


   

Question 357888: A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the eand of 10 years, how much money will be in the savings account?
Answer by mananth(16946) About Me  (Show Source):
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A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the eand of 10 years, how much money will be in the savings account?
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a=p(1+r/n)^nt
a=500*(1+0.05)^10
a= $814.4
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m.ananth@hotmail.ca