Question

You deposit $1000 each year into an account earning 8% compounded annually. How much will you have in the account in 10 years? How much total money will you put into the account? How much total interest will you earn?

Answer 1

1000 x 8% = 80
so you would get 80 dollars extra a year times 10 years
80 x 10 = 800

1000 + 800 = $1800

so at the end of the ten years you will have $1800