You are looking to save money to start a business. You currently have $500 saved up. We JustWantUrMoney Bank offers a savings account with 12% interest, compounded annually. How much money would you have after 10 years? Round to the nearest cent, if necessary.

You would have $1552.9 after 10 years.

Step-by-step explanation:

Compound interest:

The compound interest formula is given by:

Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.

You currently have $500 saved up.

This means that

12% interest, compounded annually.

This means that .

How much money would you have after 10 years?

This is A(10). So

You would have $1552.9 after 10 years.

add all the numbers and check the ones place.

the answer is 486. as the ones place is more than 4, the estimation will be the next 10 ie, 490

he earned 78.75 in interest.

step-by-step explanation: