How much interest is earned in four years on a deposit of 10,000 if it is allowed to accumulate in an account paying 7% interest compounded annually

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09-05-2018
Mathematics

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How much interest is earned in four years on a deposit of 10,000 if it is allowed to accumulate in an account paying 7% interest compounded annually

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TheBreeze TheBreeze · Answer 1 · 2018-05-09T06:33:59+02:00

TheBreeze TheBreeze

09-05-2018

Equation for one year:
0.07(10000) + 10000
But for 4 years:
4(0.07(10000)) + 10000
0.28(10000)) + 10000
We can make it simpler:
1.28(10000)
Multiply:
12800
YOU WILL HAVE $12800

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