Using the formula: a=p(1+r)t how much money will mario have if he puts $1000 in a savings account earning 4% annually after 10 years? select one: a. $1428.24 b. $1004 c. $1000 d. $2156.01

a. $1428.24

Step-by-step explanation:

Given formula : , where P is initial amount inveted , r is rate of interest ( in decimal) and A is the compound amount at the end of t years.

If  Mario puts $1000 in a savings account earning 4%(4% = 0.04 in decimal ) annually after 10 years, then substitute P=1000 ; r= 0.04 and t=10 in the given formula , we get

Hence, the amount he will get after 10 years = $1428.24