Question

if $1,100 is deposited into a saving account 11% interest paid annually how much money will be in the account in 10 years

Answer 1

The answer is $3123.36

I used the formula of A = i(1 + r/n)^nt

Then I plugged the numbers in and got:
A = 1100(1 + .11/1)^1 x 10
Then I just solved it like a normal equation

Answer 2

3,123.36  if compounded once annually.