What would be the value of $100 after 10 years if you earn 11 percent interest per year? A.) 259.37 B.) 283.94 C.) 110.46

Mathematics · High School · Wed Jan 13 2021

Answered on

Given:

Principal amount ( P)  = $100

Rate ( r ) = 11% or 0.11

Term ( t ) = 10

Determine the value.

Formula for Simple Interest:

A = P(1 + rt)

Solution:

Substitute the given values of P, r and t.

A = 100 ( 1 + (0.11)(10))

A = 100 (2.1)

A = $210 

Final answer:

The future value after 10 years is $210.