Bryan invests $500 in an account earning 3.5% interest that compounds annually. If he makes no additional deposits or withdraws, how much will be in the account: After 10 years?

After 15 years?

After 20 years?

$705.30,  $837.67,  $994.89 Respectively

Step-by-step explanation:

Given

P= $500

r= 3.5%= 3.5/100= 0.035

Applying the compound interest formula we have

where

A=final amount

P=initial principal balance

r=interest rate

t=number of time periods elapsed

A= $705.30

A= $837.67

2nd one in the first row is correct