Question

If $1,100 is deposited into a savings account offering 11% interest paid annually, approximately how much money will be in the account in 10 years?

$12,100

$3,123
$1,227

Answer 1

Okay, i dont understand why you have numbers there, but none of them matter... All you have to do is multiply 1,100 * .11 = x. (x * 10) + (1,100 * 10) = z Z is the total ammount in the account after 10 yrs. X is the interest collected annuelly.