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23 May, 09:52

If $1,100 is deposited into a saving account 11% interest paid annually how much money will be in the account in 10 years

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  1. 23 May, 10:13
    0
    The answer is $3123.36

    I used the formula of A = i (1 + r/n) ^nt

    Then I plugged the numbers in and got:

    A = 1100 (1 +.11/1) ^1 x 10

    Then I just solved it like a normal equation
  2. 23 May, 10:17
    0
    3,123.36 if compounded once annually.
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