Answer
Success!
A = 3,269.34
↓Steps Explained:↓
How much is 2030 worth after 5 years
using an annual interest rate of 10%
compounded annually?
Calculate Accumulated Balance
A = B(1 + i)n
where A = accumulated balance
B = opening balance
i = Annually interest rate
and n = number of periods
Plugging in our values
A = 3,269.34
A = 2030(1.1)5
A = 2030(1.61051)
How much interest was earned?
Interest Earned = Accum. Value - Start Balance
Plug in our values
Interest Earned = 3,269.34 - 0.00
Interest Earned = 3,269.34
3269.34
Final Answer
A = 3,269.34Related Calculators: Rule of 72 | Effective Annual Yield Rate | Approximations of Interest Rate