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How much interest is earned in four years on a deposit of 10,000 if it is allowed to accumulate in an account paying 7% interest compounded annually
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How much interest is earned in four years on a deposit of 10,000 if it is allowed to accumulate in an account paying 7% interest compounded annually

User Ryan Sayles
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1 Answer

3 votes
Equation for one year:
0.07(10000) + 10000
But for 4 years:
4(0.07(10000)) + 10000
0.28(10000)) + 10000
We can make it simpler:
1.28(10000)
Multiply:
12800
YOU WILL HAVE $12800
User ZerOne
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7.8k points
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