If my savings of $x grows 10% each year. How much will I have in: 5 years
2 answers:
After 1 year=x1.1
After 2 years=x1.1*1.1
………
After 5 years=x1.1*1.1*1.1*1.1*1.1=x1.61051
Answer:
See below
Step-by-step explanation:
Assuming the interest is compounded annually
x * (1 + .10)^5 = 1.61051 x
your final amount will be 1.61051 times bigger than the initial deposit
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