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egoroff_w [7]
2 years ago
5

You deposit $400 in an account earning 6% interest compounded annually. How much will you have in the account in 10 years?

Mathematics
1 answer:
Alenkasestr [34]2 years ago
6 0

Answer:

$716.34

Step-by-step explanation:

The Simple formula for compound interest:

P(1+\frac{r}{100} )^t

P = Principle Amount

r = Rate

t = Time

Substituting the numbers into the formula:

400(1+\frac{6}{100} )^{10}

= 716.339078617

≈ $716.34 (Rounded off to two decimal places)

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