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If $1,100 is deposited into a savings account offering 11% interest paid annually, approximately how much money will be in the account in 10 years?

Respuesta :

We know, A = P( 1 + r/n) ^nt

Here, P = 1,100
r = 0.11 
n = 1
t = 10

Substitute their values into the expression:
A = 1100 (1 + 0.11/1)^12
A = 1100(1.11)^12
A = 1100(3.498)
A = 3848.30

In short, Your Answer would be: $3848.30

Hope this helps!
shannonroach99
Okay, i dont understand why you have numbers there, but none of them matter... All you have to do is multiply 1,100 * .11 = x. (x * 10) + (1,100 * 10) = z Z is the total ammount in the account after 10 yrs. X is the interest collected annuelly.

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