Computing Growth in a Savings Account: A Single Amount (Supplement C)
On January 1, 2011, you deposited $6,000 in a savings account. The account will earn 10 percent annual compound interest, which will be added to the fund balance at the end of each year.
Required (round to the nearest dollar):
1. What will be the balance in the savings account at the end of 10 years?
2. What is the amount of interest earned during the 10 years?
3. How much interest revenue did the fund earn in 2011? 2012?
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