Question

(COULD SOMEONE PLEASEEEE HELP ME♥️)$1000 invested at the bank is increasing 5% each year.How much money will be in the account at the end of year 10?

Answer 1

The money in the account would be about 1628.91 at the end of year 10.

Explanation:

1000 + 5% = 1050 Year 1

1050 + 5% = 1102.50 Year 2

1102.50 + 5% = 1157.63 Year 3

1157.63 + 5% = 1215.51 Year 4

1215.51 + 5% = 1276.29 Year 5

1276.29 + 5% = 1340.10 Year 6

1340.10 + 5% = 1407.11 Year 7

1407.11 + 5% = 1477.47 Year 8

1477.47 + 5% = 1551.34 Year 9

1551.34 + 5% = 1628.91 Year 10

Keep in mind that all of the numbers at the end of each year (1050 at year 1, 1102.50 at year 2) were rounded to the nearest cent. So the approximate amount of money at the end of year 10 would be 1628.91 dollars.