SOLUTION: A person deposited $500.00 in a savings account that pays 5% annual interest that is compounded yearly. At the end of 10 years, how much money will be in the savings account?

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Question 519112: A person deposited $500.00 in a savings account that pays 5% annual interest that is compounded yearly. At the end of 10 years, how much money will be in the savings account?

Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=P(1+r)^t
A=500(1.05)^10
A=500*1.62889
A=$814.45