Problema Solution
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?
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ans
principal =$500
interest rate =5% annual interest
no of years time = 10
Here Amount = principal {1 + Rate/100 }time
=500(1+0.05)x10=$5250 ans