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You deposit $500 into a savings account that earns 3.2% annual interest. How much is in the savings account after 10 years?

You deposit $500 into a savings account that earns 3.2% annual interest. How much is in the savings account after 10 years?
asked 33.2k views
5 votes
You deposit $500 into a savings account that earns 3.2% annual interest. How much is in the savings account after 10 years?

asked
User Solomkinmv
by
7.3k points

1 Answer

3 votes
A = P(1 +r/n)^nt
P = 500
r = 3.2% = 0.032
n = 1
t = 10

A = 500(1 + 0.032)^10
A = $685.12
answered
User Daniel Daranas
by
8.1k points
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