SOLUTION: A person deposited $500 in a saving account that pays 5% annual interest that is compounded yearly. At the end of ten years, how much money will be in the saving account? specify w

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Question 631510: A person deposited $500 in a saving account that pays 5% annual interest that is compounded yearly. At the end of ten years, how much money will be in the saving account? specify whether it involves an arithmetic sequence or a geometric sequence.
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


For annual compounding:



Where is the future value, is the present value, is the interest rate percentage, and is the number of years.

Geometric.

John

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