Question

You deposit $200 in an account earning 8% interest compounded annually. How much will you have in the account in 10 years?

Answer 1

200 (1 + .08)^10

Answer 2

Use the compound interest formula in this case:

final amount = initial amount (1 + interest rate as a decimal)^num of periods
final amount = 200 (1 + 0.08)^10
final amount ≈ $431.78

Answer 3

You deposit $200 each month into an account earning 8% interest compounded monthly how much would you have in the account in 25 years how much total monthly money will you put into the account how much total interest will you earn give me an answer