Question 284661
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you put 5000$ in the bank the beginning of the year. From there, you earn 10% interest each year. 
how much money do you make after 50 years?
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        Calculations in the post by @mananth are incorrect, producing wrong answer,

        and his error is HUGE ( in 10 times !).


        Below I place my correct solution.



The formula for amount = p(1+r)^n
p = 5,000
r = 0.1
n = 50 years
Amount = 5000(1+0.1)^50
= 5000*1.1^50
= $586,954.26 will be the amount after 50 years


Solved correctly.