How much compound interest will $50,000 earn in 10 years at 3.4% APR compounded yearly, providing no deposits or withdrawals are made? Hint: Use the formula A = P (1.00 + r) n.

Question

Mathematics

Araceli Rollins

15 September, 14:41

How much compound interest will $50,000 earn in 10 years at 3.4% APR compounded yearly, providing no deposits or withdrawals are made? Hint: Use the formula A = P (1.00 + r) n.

+5

Answers (1)

Know the Answer?

Emery Valdez · Answer 1

If you use the data properly and the formula like this:

A = 50000 (1 + 0.034) * 10

then you will know that the compund interest will be: 0.034

Hope this works for you