Question

S500 invested at 4% compounded annually for 10 years.

Answer 1

Hello there!

$500 invested at 4% compounded annually for 10 years

time: 10 years

compound: annually

interest: 4%

y = 500(1.04)^10

1.04^10 = 1.48

500 x 1.48 = 740

Value after 10 years: $740

Answer 2

$740.12

Explanation:

The amount is multiplied by 1.04 each year, so after 10 years, the balance will be ...

$500(1.04^10) = $740.12