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The equation A=p(1+r)^t can be used to calculate compound interest on a savings account. A = future balance, p = current balance, r = rate of interest, and t = time in years. If you deposit $2,000 at 10% each year, how much money will be in your account in 10 years

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mreijepatmat
This is a problem of annuity, and the Annuity formula is:

Future Value = annual Payment{[(1+i)ⁿ - 1]/I}

Future Value = 2000{[(1+0.1)¹⁰ - 1]/I}

Future Value = $31,875

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