Posted by Fh on .
Which sequence do I use to get the answer to this problem? Arithmetic or geometric? The answer is $36,000 but I do not no how to write it out or which one to use, Can someone please help me? Thank you.
A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the end of 10 years, how much money will be in the savings account?