Thursday

July 24, 2014

July 24, 2014

Posted by **baby** on Wednesday, August 22, 2007 at 6:05pm.

- fin -
**~christina~**, Wednesday, August 22, 2007 at 6:13pm10,000 x .10 = 1000 interest a year

5 years x 1000= $5000

10,000 + 5000 = $15,000

(If you didn't spend any of the 10,000 of course lol.

- fin -
**Ms. Sue**, Wednesday, August 22, 2007 at 7:29pmChristina's answer doesn't take into account that you'll be paid interest on the interest.

After the first year, you'll have $11,000 in your account -- $10,000 + 1,000.

The second year:

11,000 x .1 = 1,100

11,000 + 1,100 = 12,100

The third year:

12,100 x .1 = 1,210

12,100 + 1,210 = 13,310

Fourth year:

13,310 x .1 = 1,331

13,310 + 1,331 = 14,641

14,641 x .1 = 1,644.1

14,641 + 1,644.1 = $16,285.10

It looks like at the end of 5 years, you'll have $16,285.10 in your account. Check my figures.

**Related Questions**

Finance Homework - If you deposit $2,000 in a bank account that pays 9% interest...

Math - Please check my work, thank you If $7,800 is deposited into an account ...

algebra - suppose you invest a certain amount of money n an account that pays 11...

pre algebra - At the beginning of the year 2000, Bob put $100 in a savings ...

differential equation - If P(t) is the amount of dollars in a savings bank ...

Finite Mathematics - Jessica wants to accumulate $14,000 by the end of 5 yr in a...

Finance - Your grandparents deposit $1,000 each year on your birthday, starting ...

pre algebra 6th grade - Tara's bank account contains $250.00. She made only one ...

math - Samantha opened a savings account and deposited some money into the ...

Alg 2 - Suppose you deposit a principal amount of p dollars in a bank account ...