Question

You put $150 in a bank account that offers a 1% interest rate, compounded annually. How much will you have after 10 years?

Answer 1

`\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$150\\ r=rate\to 1\%\to (1)/(100)\to &0.01\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years\to &10 \end{cases} \\\\\\ A=150\left(1+(0.01)/(1)\right)^(1\cdot 10)`