Question

What would be the value of $100 after 10 years if you earn 11 percent interest per year?

Answer 1

B. 283.94 is the answer 

Answer 2

Answer:

B) 283.94

Step-by-step explanation:

Here we have to use the compound interest formula.

A = $P(1 + \frac{r}{100} )^n$

Where A is the amount, P is the principle, r is the rate and n is the number of years.

Given: P = $100, r = 11, n = 10

Plug in the given values in the above formula, we get

A = 100(1 + 11/100)^10

A = 100(1 + 0.11)^10

A = 100(1.11)^10

A = $283.94

The answer is B) 283.94