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Voldemort has a savings account containing $\$10000$. Interest accumulates so that every five years, the amount of money in that account grows to \($\dfrac{11}{10}$\) of its amount at the beginning of the five years. How much money is in that account after twenty years, given that no money is put into or taken out of the account?

 Apr 1, 2020
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FV = PV x [1 + R]^N

 

FV =10,000 x 1.10^4

FV =10,000 x  1.4641

FV =$14,641.00

 Apr 1, 2020

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