as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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calculate the amount of money in a bank account with an initial $100 deposit and an interest rate of 6%, compounded annually
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at the end of year 1, the amount in the bank account would be $106. in year 2, the amount would be $112.36 and at the end of the 10th year, the amount would be $160.54. this illustrates the power of compound interest.
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