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Suppose that a person deposits $10,000 in a savings account at a bank yielding 11% per year

with interest compounded a

By Amaya

Suppose that a person deposits $10,000 in a savings account at a bank yielding 11% per year

with interest compounded annually. How much will be in the account after 30 years?​

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Amaya

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1 thought on “Suppose that a person deposits $10,000 in a savings account at a bank yielding 11% per year <br /><br />with interest compounded a”

  1. 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.

    Let me know if you need further help.

    Reply

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