Answer for 40 ! a high-interest savings account pays 5.5% interest compounded annually. if $300 is deposited initially and again at the first of each year, which summation represents the money in the account 10 years after the initial deposit?

The compounded interest would be written as 1.055 in the equation, because you need to multiply the total by itself, plus the 0.55 interest rate.

The total after the first year would be 300 x 1.055 = 316.5

So the equation would be the summation shown in the first picture: 316.5(1.055)^n-1

0.32

step-by-step explanation:

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