Question

You deposit $500 into a savings account that earns 3.2% annual interest. How much is in the savings account after 10 years?

Answer 1

A = P(1 +r/n)^nt
P = 500
r = 3.2% = 0.032
n = 1
t = 10

A = 500(1 + 0.032)^10
A = $685.12