Question

John placed $5000 in an account that earns interest compounded annually. His interest rate is 8.2%. If John leaves his money in the account for 10 years, what is the balance of his account? Round your answer to the nearest dollar.

Answer 1

$9,100

I multiplied 5000 x .082 and got 410
then i multiplied 410 x 10 and got 4,100
then i added 5000 + 4100 to get $9,100.