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Chapter 17: Q 39. (page 427)

How much money do you have to put into a bank

account that pays 10% interest compounded annually to have $10,000 in ten years?

Short Answer

Expert verified

$3855.43

Step by step solution

01

Step 1. Definition

Interest is the monetary charge for the privilege of borrowing money.

Principal=Amount(1+interestrate)time

02

Step 2.

=$10000(1+0.10)10=$100001.1010=$3855.43

So, $3855.43 have to be put into a bank

account that pays 10% interest compounded annually to have $10,000 in ten years?

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