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23 March, 20:00

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

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Answers (2)
  1. 23 March, 20:24
    0
    Answer: $814.45

    (Sorry I am not sure)
  2. 23 March, 21:43
    0
    Answer: $814.45

    Step-by-step 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
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