Shamika's grandmother opens an account with a deposit of $5,000 for Shamika as a college savings account. The account pays 5 per
cent annual interest. How much money will be in the account after 10 years?
1 answer:
Answer:
$7500
Step-by-step explanation:
$5000 was deposited
5% annual interest of the $5000 is $250
so in ten years the interest will be 10 ×$250 =$2500
so the total sum that will be in the account is $5000 + $2500 =$7500
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