SOLUTION: a person deposits 500 dollars in savings account with 5% interest annually compounded yearly after 10 years how much would be saved?

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Question 596917: a person deposits 500 dollars in savings account with 5% interest annually compounded yearly after 10 years how much would be saved?
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
A+=+P%281+%2B+r%2Fn%29%5E%28nt%29

A+=+10000%281+%2B+0.05%2F1%29%5E%281%2A10%29

A+=+10000%281+%2B+0.05%29%5E%281%2A10%29

A+=+10000%281+%2B+0.05%29%5E10

A+=+10000%281.05%29%5E10

A+=+10000%281.62889462677744%29

A+=+16288.9462677744

So he would have saved $16,288.95