Hello there!
$500 invested at 4% compounded annually for 10 years
time: 10 years
compound: annually
interest: 4%
y = 500(1.04)^10
1.04^10 = 1.48
500 x 1.48 = 740
Value after 10 years: $740
Answer:
$740.12
Step-by-step explanation:
The amount is multiplied by 1.04 each year, so after 10 years, the balance will be ...
$500(1.04^10) = $740.12
