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2 votes
If i have $500 and I get 5% interest compounded annually how much would i have after 10 years

User Wtlucy
by
5.8k points

2 Answers

4 votes
Answer: $814.45
(Sorry I am not sure)
User Pramod Karandikar
by
6.1k points
4 votes

Answer: $814.45

Explanation:

This is the formular: A=P(1+rn)n⋅t

A = total amount

P = principal or amount of money deposited,

r = annual interest rate

n = number of times compounded per year

t = time in years

A= $500 (1+5%/1)1.10

$500 (1+0.05) 10

$500 × 1.629

=$814.45

User KFunk
by
6.5k points