Answer
Amount in the account after 10 years (Simple Interest) = 360 dollars
Amount in the account after 10 years (Compound Interest) = 467 dollars
Step-by-step explanation
For simple interest, the interest on an amount invested is given as
SI = (PRT/100)
P = Amount invested = 180 dollars
R = Rate = 10%
T = Time = 10 years
SI = (PRT/100)
= (180 × 10 × 10)/100
= 180 dollars
So,
Amount in the account = Original amount + Interest = 180 + 180 = 360 dollars
For compound interest, the amount in the account after a time t, is give as
A = A₀ (1 + r)ᵗ
A = Amount in the account after a period of time = ?
A₀ = Original amount invested = 180 dollars
r = Rate = 10% = 0.1
t = Time = 10 years
A = A₀ (1 + r)ᵗ
A = 180 (1 + 0.1)¹⁰
A = 180 (1.1)¹⁰
A = 180 (2.594)
A = 466.9 dollars
Hope this Helps!!!