Find the balance of a savings account at the end of 10 years if the interest earned each year is 7.5%. The principal is $500?

Question

Mathematics

John Harmon

11 August, 06:35

Find the balance of a savings account at the end of 10 years if the interest earned each year is 7.5%. The principal is $500?

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Jared Mays · Answer 1

The equation for finding interest is y = (initial amount) (1 + or - rate in hundredth}to the power of something years. For this question the equation would be y = 500 (1.075) 10th power. The answer is that there would be about 1030.52 dollars in 10 years