What is $85.5 compounded annually for a period of 10 years at a 7.45% interest rate
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After 10 years your investment is $175.40
There is an annual compound interest formula from Algebra II course. It should read as follows:
A = P*(1 + r)^t
A= total amount after t years investing P amount in.
P= initial investment.
t = time in years
r = interest rate.
A = 85.5*(1+0.0745)^10
A = 85.5 * 2.051465
A = $175.40
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