SOLUTION: if you put 1500$ in a savings account that paid 4.5% compounded yearly, how much interest would you earn in ten years ?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: if you put 1500$ in a savings account that paid 4.5% compounded yearly, how much interest would you earn in ten years ?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 844018: if you put 1500$ in a savings account that paid 4.5% compounded yearly, how much interest would you earn in ten years ?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
if you put 1500$ in a savings account that paid 4.5% compounded yearly, how much interest would you earn in ten years ?
-------
Find value in 10 years:
A(10) = 1500(1+(0.045/1))^(1*10)
A(10) = 1500(1.045)^10
A(10) = $2329.45
---
Interest earned = 2329.45-1500 = $829.45
============================
Cheers,
Stan H.