Question

6. Anthony deposits $800 into a savings account that carns 3.5% interest annually

3) Write an equation for Act), to represent the amount in Anthony's savings account
after 1 years (assume that he makes no withdrawals or deposits).
b) Use your equation to determine how much he will have in his account in 10 years

Answer 1

after 1 year he will get : 800 + 800 x 3,5% = 800 x 1,035 = $828

after 2 years he will get : 828 x 1,035 = 800 x 1,035 x 1,035 = 800 x 1,035²

so

after 10 years he will get : 800 x 1,035¹⁰