fairytailxo fairytailxo
  • 02-09-2017
  • Mathematics
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You put $150 in a bank account that offers a 1% interest rate, compounded annually. How much will you have after 10 years?

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jdoe0001 jdoe0001
  • 02-09-2017
[tex]\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$150\\ r=rate\to 1\%\to \frac{1}{100}\to &0.01\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years\to &10 \end{cases} \\\\\\ A=150\left(1+\frac{0.01}{1}\right)^{1\cdot 10}[/tex]
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