RHoyos817 RHoyos817
  • 09-06-2018
  • Mathematics
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How much money will you have if you started with $30 and put it in an account that earned 11% every year for 5 years?

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sqdancefan
sqdancefan sqdancefan
  • 09-06-2018
At the end of each year, the amount is (1 + 11%) = 1.11 times the amount at the beginning of the year. When that multiplier is applied 5 times, the result is
  $30 * 1.11^5 ≈ $50.55
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