A person deposited $500.00 in a savings account that pays 5% annual interest that is compounded yearly. At the end of 10 years how much money will be in the savings account? Please show years 1-10 thank you, and how you came up with this answer.© BrainMass Inc. brainmass.com March 4, 2021, 11:20 pm ad1c9bdddf
Here we have to use the formula A = P(1 + r)^n, where P-is the principle, r-is ...
The solution determines at the end of 10 years how much money will be in the savings account.