Question

In account is gaining value at a rate of 4.9% per year that account held $150 and it's first year how much will be in the account after 10 years

Answer 1

Answer:

$242

Step-by-step explanation:

You will need to use the compound interest formula for this.

$P(1+\frac{r}{n} )^{nt}$

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

Your equation will look like this:

$150(1+\frac{.049}{1} )^{10}$ = $242

Your answer is: $242