Find the balance of a savings account at the end of 10 years if the interest earned each year is 7.5%. The principal is $500?

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asked Dec 3, 2017 210k views

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Bharat Modi · Answer 1 · 2017-12-07T06:07:04+0000

The equation for finding interest is y=(initial amount)(1 + or - rate in hundredth}to the power of something years. For this question the equation would be y = 500(1.075)10th power. The answer is that there would be about 1030.52 dollars in 10 years

Find the balance of a savings account at the end of 10 years if the interest earned each year is 7.5%. The principal is $500?

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