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 incr

Question

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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Josephine 1 week 2021-09-09T17:53:47+00:00 2 Answers 0

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    0
    2021-09-09T17:55:12+00:00

    Answer:

    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

    0
    2021-09-09T17:55:25+00:00

    Answer:

    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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