Ask Question
12 July, 17:26

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

+1
Answers (1)
  1. 12 July, 17:46
    0
    If the interest is simple interest, then the value is

    100 [ 1 + (10 x 0.11) ] = 100 (1 + 1.1) = 100 x 2.1 = $210.

    If the interest is compound interest, and is compounded annually, then the value is

    100 (1 + 0.11) ¹⁰ = 100 (2.8394) = $283.94.

    If the interest is compound interest, and is compounded monthly, then the value is

    100 (1 + 0.11/12) ¹²⁰ = 100 (2.9891) = $298.91.

    So did you make a mistake with the numbers
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “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 ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers