Question

If you deposit $10,000 in a bank account that pays 10% interest annually, how much will be in your account after 5 years?

Answer 1

Interest formula: A=P(1 + r)^t
A = 10000(1 + 0.1)^5
A = 10000(1.01)^5
A = 10000(1.0510100501)
A = $10,510.10