You are 10 years old and have $500 to put in the bank to save for college. You will earn 5% simple interest rate. If you leave i
t in the bank for 10 years, what will be the balance?
1 answer:
Answer:
$814.48
Step-by-step explanation:
Use the formula for simple interest: B=P(1+r)^t
Plug in values: B=500(1+.05)^10
Evaluate: B=814.48
So the balance after 10 years will be around $814.48
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