A deposit of $5,000 is made into a savings account which earns 3 3 4 % interest compounded annually. If no additional deposits o
r withdrawals are made, which amount is the total balance at the end of 10 years? A) $6,719.58 B) $6,875.00 C) $7,225.22 D) $7,401.22
2 answers:
I believe this is compound interest so we would use the formula:
FV = PV × (1 + r)n
So it would be A = p (1 = r) ^t
Input the numbers:
A = p (1 + 3 3/4%) ^10 = 7225.22
Answer:
C)$7,225.22
Step-by-step explanation:
FV = PV × (1 + r)n
FV = 5000 × (1.0375)10 = 7,225.22
where:
FV = Future Value
PV = Present Value
r = annual interest rate
n = number of periods
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