Homework Help: Math

Posted by leslie on Friday, August 19, 2011 at 2:25pm.

A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the end of the 10 years, how much money will be in the savings account?

Math - drwls, Friday, August 19, 2011 at 4:46pm
Multiply $500 by (1.05)^10.

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500*(1.05)^10 =
Math - Quita, Monday, August 20, 2012 at 9:06pm
i have the same question but is thier a way u can put it in a sequence
Math - Diane, Monday, October 15, 2012 at 11:38pm
How did you get 1.05 out of 5%? I thought 5% = 0.05

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