You deposit $100 in an account earning 4% interest compounded annually. How much will you have in the account in 10 years? Round
your answer to the nearest penny
1 answer:
Answer:
$148.02
Step-by-step explanation:
In the question
Principal = $100, rate(R) = 4% compounded annually, time(T)= 10 years
we know that the formula for compound interest
A=
where A is amount
now putting values in the above formula we get
A=
therefore A= $148.024428
rounding off to the nearest penny we get amount as $148.02 and compound interest will be $48.02
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