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suppose you have 590 to invest in an account that earns 1 percent per year compounded annually. How much money will you have after 11 years? round to the nearest penny

Solution

Solution

Amount : 658.24

Solution steps

Translate the problem into an equation:

A = 590 (1 + \frac{0.01}{1})^{1 \cdot 11}

590 (1 + \frac{0.01}{1})^{1 \cdot 11} = 658.24432 \dots

Round to the nearest hundredth:

658.24

Amount : 658.24

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