elinty08
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If you have to invest in an account that pays 5.3 compound annually, after 10 years how much interest is earned

Respuesta :

  • Rate=5.3 per year
  • Time=10

[tex]\\ \sf\longmapsto Interest=Rate\times Time[/tex]

[tex]\\ \sf\longmapsto Interest=5.3(10)[/tex]

[tex]\\ \sf\longmapsto Interest =53[/tex]

It means that if your principal is $100 after 10years you will receive $53 as interest

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