tarashon32173 tarashon32173
  • 01-06-2017
  • Mathematics
contestada

if $1,100 is deposited into a saving account 11% interest paid annually how much money will be in the account in 10 years

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destr0yerx4114 destr0yerx4114
  • 01-06-2017
3,123.36  if compounded once annually.
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benwickersham
benwickersham benwickersham
  • 01-06-2017
The answer is $3123.36

I used the formula of A = i(1 + r/n)^nt

Then I plugged the numbers in and got:
A = 1100(1 + .11/1)^1 x 10
Then I just solved it like a normal equation
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