Alan saved 500 dollars in a bank account that compounds 3 percent annually. Assuming there are no other transactions, after 10 years, how much is in Alan's bank account? (Give your answer to the nearest dollar.)
FV = PV x [1 + R]^N
FV = 500 x [1 + 0.03]^10
FV = 500 x [ 1.03 ]^10
FV = 500 x 1.34391637934412192049
FV = $672 - what Alan will have in his account after 10 years.
+1242 
