Question

If $350 is placed in a savings account that earns 3.5% interest applied once a year, and how much would a savings account be worth after 10 years?

1) $522.88
2) $426.34
3) $472.50
4) $493.71 ​

Answer 1

$493.71

Explanation:

350(1 + 0.035/4)^4(10)