Question

Suppose that you placed $500 in a bank account at the end of each year for the next 10 years. How much would be in that account at the end of the tenth year if the deposits earned an annual rate of return of 8% each year?

Answer 1

Answer:

5400$

Step-by-step explanation:

First, you need to figure out 8% of 500$.

That is 40$.

Now, you need to multiply 500 by 10, because there are 10 years.

That is 5000$

Now, we need to add the 8% that was added each year. So we do 40$ times 10.  400$

Then we add the 5000 and 400.

The answer is 5400$

I really hope this helped you! So sorry if it doesn't!