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Samantha puts $800.00 into an account to use for school expenses. The account earns 11% interest, compounded annually. How much will be in the account after 10 years? Round your answer to the nearest cent.

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Answer:

$2271.54

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

  1. Brackets
  2. Parenthesis
  3. Exponents
  4. Multiplication
  5. Division
  6. Addition
  7. Subtraction
  • Left to Right

Algebra I

Compounded Interest Formula: [tex]A=P(1+\frac{r}{n} )^{nt}[/tex]

  • A is final amount
  • P is principle amount
  • r is rate
  • n is compound
  • t is time in years

Step-by-step explanation:

Step 1: Define

P = 800.00

r = 0.11

n = 1

t = 10

Step 2: Find A

  1. Substitute [Formula]:                    [tex]A=800(1+\frac{0.11}{1} )^{1(10)}[/tex]
  2. Divide/Multiply:                             [tex]A=800(1+0.11 )^{10}[/tex]
  3. Add:                                               [tex]A=800(1.11 )^{10}[/tex]
  4. Exponents:                                    [tex]A=800(2.83942)[/tex]
  5. Multiply:                                         [tex]A=2271.54[/tex]

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