Question

Amy invests $10,000 in an account that pays 1% compound interest annually. She uses the expression (1+) to find the total value of the account after years. What will be the total value of the account after 10 years?

Answer 1

Answer:

~11046.22$

Step-by-step explanation:

Principal = 10000$

Compound annual rate = 1% = 0.01

Time = 10 years

=> The total money (M) of the account after 10 years:

M = Principal x (1 + rate)^time

   = 10000 x (1 + 0.01)^10

   =~11046.22$