Question

Someone deposits $10,000 in a savings account at a bank yielding 5% per year with interest compounded annually. How much money will be in the account after 30 years

Answer 1

Answer:

please mark me as brainlist please

Step-by-step explanation:

For this problem, use the Annual Compound Interest formula.

A = P(1 + r/n)nt

Here P is the principal amount, P = $10,000, r is the rate in decimals, r = 0.11, n is the number of compounding periods per unit t, t is time, A is the accrued amount.

Now can you calculate it?

Hint: since you are compounding annually, n = 1, and t = 10 (for 10 years), t = 20 (for 20 years), etc.

Answer 2

Given: Someone deposits $10,000 in a savings account at a bank yielding 5% per year with interest compounded annually.

A = p(1 + r)t

Here p=10000, r=0.5 t=30

A30 = 10000(1 + 0.5)30

       =10000(1.5)30

       =9.70