SOLUTION: David deposited $10,000 in a acount that pays 5% interest compounded annually. How much money was earned the first 10 years?

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Question 86984This question is from textbook Saxon, Algebra 1
: David deposited $10,000 in a acount that pays 5% interest compounded annually. How much money was earned the first 10 years? This question is from textbook Saxon, Algebra 1

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
David deposited $10,000 in a acount that pays 5% interest compounded annually. How much money was earned the first 10 years?
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A(t) = P(1+r/n)^(nt)
A(10) = 10000(1+0.05/1)^(1*10)
A(10) = $16288.95
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Cheers,
Stan H.