Question

How much money will you have if you started with $30 and put it in an account that earned 11% every year for 5 years?

Answer 1

At the end of each year, the amount is (1 + 11%) = 1.11 times the amount at the beginning of the year. When that multiplier is applied 5 times, the result is
  $30 * 1.11^5 ≈ $50.55