Answer:
Step-by-step explanation:
Assuming the interest was compounded, we would apply, we would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = $100
r = 11% = 11/100 = 0.11
n = 1 because it was compounded once in a year.
t = 10 years
Therefore,.
A = 100(1 + 0.11/1)^1 × 10
A = 100(1.11)^10
A = $284
