SOLUTION: A person deposited $500 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?

Algebra ->  Numeric Fractions Calculators, Lesson and Practice -> SOLUTION: A person deposited $500 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?       Log On


   

Question 708960: A person deposited $500 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 checkley79(3341) About Me  (Show Source):
You can put this solution on YOUR website!
P(1+R)^T
500(1+.05)^10
500*1.05^10
500*1.62=$814.45 ANS.