Question

You deposit $600 in an account earning 8% interest compounded annually. How much will you have in the account in 10 years?

Thank you, thank you! C:

Answer 1

9514 1404 393

Answer:

  $1295.35

Step-by-step explanation:

The compound interest formula can be used to find the account balance.

  A = P(1 +r)^t . . . . principal P invested at annual rate r compounded for t years

  A = $600(1 +0.08)^10 ≈ $1295.35

You will have $1295.35 in the account in 10 years.