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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asked Apr 4, 2019 9.7k views

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Dannyxnda · Answer 1 · 2019-04-09T01:45:12+0000

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

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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