Question

If I put $300 in an account that earns 5.5%, how much will there be in the account at the end of 21 years?

Answer 1

Assuming the interest is compounded annually. You are finding the interest 21 times. There is a formula for it that you can certainly Google or you can just simply take the amount 300*(1.055)=SUM and do the same to the sum each time SUM*(1.055).

I believe its answer is 923.47... check me though