jaydenalexaarias jaydenalexaarias
  • 03-02-2020
  • Mathematics
contestada

suppose your friends parents invest $10,000 in an account paying
7% compounded annually. what will the balance be after 5 years?

Respuesta :

jay40891
jay40891 jay40891
  • 03-02-2020

Answer:

$14025.52

Step-by-step explanation:

The Total amount after a compound interest can be calculated using the formula:

[tex]T = P(1 + \frac{R}{100})^{n}[/tex]

where P is the amount of deposit, R is the rate of interest, n is the duration.

Hence by substituting the values, we get:

[tex]T = 10 000(1 + \frac{7}{100})^{5}[/tex]

T = $14025.52 (nearest cent)

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