logo for solving-math-problems.com
leftimage for solving-math-problems.com

Arithmetic or Geometric

Calculate future value of cash deposited in a savings account.

   • Deposit: $500

   • Interest: 5% annual interest

   • Compounding: yearly

   • No further deposits and no withdrawals

Assuming the interest rate does not change, how much money will be in the savings account at the end of the tenth year?

Comments for Arithmetic or Geometric

Click here to add your own comments

Jun 21, 2011
Arithmetic or Geometric
by: Staff

The question:

A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the end of 10 years, how much money will be in the savings account.

The answer:

A compound interest calculation is a geometric series because there is a constant ratio between successive terms.

I have found a good answer to your question in our archives.

(1) Click the following link to VIEW the solution; or (2A) highlight and copy the link, then (2B) paste the link into your browser Address bar & press enter:

Use the Backspace key to return to this page:


Thanks for writing.


Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Math Questions & Comments - 01.

Copyright © 2008-2015. All rights reserved. Solving-Math-Problems.com