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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 $11,000 $3,123 $1,227

Respuesta :

assuming is just simple interest annually

[tex]\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$1100\\ r=rate\to 11\%\to \frac{11}{100}\to &0.11\\ t=years\to &10 \end{cases}[/tex]
Aliwohaish12
A=1,100×(1+0.11)^(10)
A=3,123.36

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