PLEASE HELP ASAP 26 points If Serena puts $1000 in a savings account that pays 2% interest compounded annualy, how much money will she have in the account after 10 years? (Hint: To find the amount of money after 1 year. multiply by 1.02.)

5000

Step-by-step explanation:

1000 ÷ 2 = 500 x 10 = 5000

Step-by-step explanation:

Formula for compound interest:

A= P(1+r/n)^n x t

A=final amount

P=initial principal balance

r=interest rate

n=number of times interest applied per time period

t=number of time periods elapsed

We know that Serena pays annually meaning yearly (12 months or 1 year)

So after substituting all the numbers in,

A= 1000(1+0.02/12)^(12x10)

We change the rate to 0.02 because we must divide 2% by 100%. And divide the rate by number of times applied per time (n).

DISCLAIMER:

I have not done compound interest questions in a long time but if you want to confirm my answer, go to a calculator site and just input the numbers on there.

step-by-step explanation:

answer is : muchas/tipicas

have a nice day!

~recklesschicken