anonymous
  • anonymous
A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the end of 10 years, how much money will be in the savings account? And can you believe I have to do an essay about this stuff after I figure it out????
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
Assuming you have a calculator, the factor will be 1.05 times itself ten times, except that in reality, it will be rounded to the penny each year. Apply that to the principal amount.
anonymous
  • anonymous
actually to the power of ten, not times ten
anonymous
  • anonymous
\[500(1.05)^{10}\]

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anonymous
  • anonymous
What exactly do you think something to the power ten means?

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