If $10,000 is invested at 6% annual interest compounded yearly, what is the account balance after 4 years, assuming no additiona

Question

2 years ago

14

l deposits or withdrawals are made?

1 answer:

alisha [4.7K] · Answer 1 · 2023-08-30T19:48:41+03:00

The amount after 4 years is $15036

<h3>What is Interest ?</h3>

Interest is the amount of money u receive when you invest certain amount of money for certain period of time .

It is given that

Principal = $10,000

Interest = 6% compounded yearly,

time =4 years.

$\rm Amount = P (1 + \dfrac{r}{n})^{nt}$

Amount = 10000(1+ (6/100))⁴

Amount = $15036

Therefore the amount after 4 years is $15036.

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