Question

An account is opened with an initial deposit of $5,500 and earns 2.5% interest compounded annually. What will the account be worth in 10 years

Answer 1

Step-by-step explanation:

Every year the 5,500 Dollars, make an interest of 2.5% so if ten years have passed.

2.5x10

=25% are added to the money so find out the 25% of 5,500

5,500 x 0.25

= 1375

1375 + 5500

= 6875 Dollars is the total money in 10 years

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