SOLUTION: i need help solving this problem.
A person deposited $500 in a savings account that pays 5% interest that is compounded yearly. At the end of 10 years, how much money will be in t
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A person deposited $500 in a savings account that pays 5% interest that is compounded yearly. At the end of 10 years, how much money will be in t
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Question 540950: i need help solving this problem.
A person deposited $500 in a savings account that pays 5% interest that is compounded yearly. At the end of 10 years, how much money will be in the savings account? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A person deposited $500 in a savings account that pays 5% interest that is compounded yearly. At the end of 10 years, how much money will be in the savings account?
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A(t) = P(1+(r/n))^(nt)
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A(10) = 500(1+(0.05/1))^(1*10)
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A(10) = 500(1.05)^10 = $814.45
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Cheers,
Stan H.
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