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4 December, 15:43

Why does the value of money in What would be the value of $100 after 10 years if you earn 11 percent interest per yeara savings account increase over time

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Answers (2)
  1. 4 December, 16:04
    0
    Step-by-step explanation:

    Assuming the interest was compounded, we would apply, we would apply the formula for determining compound interest which is expressed as

    A = P (1+r/n) ^nt

    Where

    A = total amount in the account at the end of t years

    r represents the interest rate.

    n represents the periodic interval at which it was compounded.

    P represents the principal or initial amount deposited

    From the information given,

    P = $100

    r = 11% = 11/100 = 0.11

    n = 1 because it was compounded once in a year.

    t = 10 years

    Therefore,.

    A = 100 (1 + 0.11/1) ^1 * 10

    A = 100 (1.11) ^10

    A = $284
  2. 4 December, 16:10
    0
    210

    Step-by-step explanation:

    I = (p*t*r) : 100

    I = (100*10*11) : 100

    I=110

    Now,

    Amount=P+I

    =100+110

    =210

    Hence, total amount is $210.
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