Question

In account is gaining value at a rate of 4.9% per year that account held $150 and it's first year how much will be in the account after 10 years

Answer 1

$242

Explanation:

You will need to use the compound interest formula for this.

`P(1+(r)/(n) )^(nt)`

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

Your equation will look like this:

`150(1+(.049)/(1) )^(10)` = $242

Your answer is: $242