An amount of $40,000 is deposited in a bank that pays interest at the rate of at 9%/year compounded annually. what is the total amount on deposit at the end of 10 years, assuming there are no deposits or withdrawals during those 10 years?
If the 40,000 gets 9% added to it every year 9% of 40,000 is 3,600 which you multiply by 10 it is 36,000 for the interest plus 40,000 which equals 76,000
