Question

If my savings of $x grows 10% each year. How much will I have in: 5 years

Answer 1

After 1 year=x1.1
After 2 years=x1.1*1.1
………
After 5 years=x1.1*1.1*1.1*1.1*1.1=x1.61051

Answer 2

Answer:

See below

Step-by-step explanation:

Assuming the interest is compounded annually

x * (1 + .10)^5 = 1.61051  x

  your final amount will be  1.61051 times bigger than the initial deposit