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
llm
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.