A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the end of the 10 years, how much money will be in the savings account?

Question

A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly.  At the end of the 10 years, how much money will be in the savings account?

drwls · Accepted Answer

Multiply $500 by (1.05)^10. If you don't have a calculator, go to Google.com and search 500*(1.05)^10 =

Quita · Answer

i have the same question but is thier a way u can put it in a sequence

Diane · Answer

How did you get 1.05 out of 5%? I thought 5% = 0.05

This is a bruh moment · Answer

Damnnn i guess im the first one to say something in 2022 from yall in 2012