How much interest is earned in four years on a deposit of 10,000 if it is allowed to accumulate in an account paying 7% interest compounded annually

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asked Nov 2, 2019 146k views

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ZerOne · Answer 1 · 2019-11-07T22:34:02+0000

Equation for one year:
0.07(10000) + 10000
But for 4 years:
4(0.07(10000)) + 10000
0.28(10000)) + 10000
We can make it simpler:
1.28(10000)
Multiply:
12800
YOU WILL HAVE $12800

How much interest is earned in four years on a deposit of 10,000 if it is allowed to accumulate in an account paying 7% interest compounded annually

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