You have $5,000 to invest for ten years. Crown of The Sun bank pays compound interest at an annual rate of 4.5%. Calculate your
balance after 10 years. Round to the nearest hundreth
2 answers:
Answer:
$7764.85
Step-by-step explanation:
Assume the compounding is annual.
F = P(1 + r/n)^(nt)
F = 5000(1 + 0.045/1)^10
F = 7764.85
Answer: $7764.85
Answer: $7,764.85
Step-by-step explanation:
Use the formula for Compound Interest: CI = P(1 + r/n)^nt
CI = 5000(1 + 0.045/1)^10
CI = 5000(1.045)^10
CI ≅ $7,764.85
After 10 years, the balance should be $7,764.85
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