Question

If $1,100 is deposited into a savings account offering 11% interest paid annually, approximately how much money will be in the account in 10 years? $12,100 $11,000 $3,123 $1,227

Answer 1

assuming is just simple interest annually


`\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$1100\\ r=rate\to 11\%\to (11)/(100)\to &0.11\\ t=years\to &10 \end{cases}`

Answer 2

A=1,100×(1+0.11)^(10)
A=3,123.36