Question

Money in a bank triples every 10 years. If $100 is deposited today, what will its value be after 40 years? PLEASE SHOW ME STEP BY STEP AND I WILL GIVE YOU BRAINLIEST!!
a) $400 b) $1200 c) $6400 d) $8100 e) $24,300

Answer 1

Answer:

d) $8,100

Step-by-step explanation:

Given information:

• Money triples every 10 years
• Initial deposit = $100
• Number of years invested = 40 years

If the money triples (multiplies by 3) every 10 years,
then in 40 years time it will triple 4 times, as 40 ÷ 10 = 4

⇒ Account balance after 40 years = $100 × 3 × 3 × 3 × 3

                                                         = $100 × 3⁴

                                                         = $8,100

Proof

In 10 years time the balance of the account will be:

$100 x 3 = $300

In another 10 years time, the balance of the account will be:

$300 x 3 = $900

In another 10 years time, the balance of the account will be:

$900 x 3 = $2700

In another 10 years time, the balance of the account will be:

$2700 x 3 = $8100