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19-08-2021
Mathematics

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You deposit $600 in an account earning 8% interest compounded annually. How much will you have in the account in 10 years?

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sqdancefan sqdancefan

23-08-2021

9514 1404 393

Answer:

$1295.35

Step-by-step explanation:

The compound interest formula can be used to find the account balance.

A = P(1 +r)^t . . . . principal P invested at annual rate r compounded for t years

A = $600(1 +0.08)^10 ≈ $1295.35

You will have $1295.35 in the account in 10 years.

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