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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.

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Solution Summary

The solution determines at the end of 10 years how much money will be in the savings account.

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Here we have to use the formula A = P(1 + r)^n, where P-is the principle, r-is ...

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