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joyce deposited $5000 in an account with an annual interest rate of 6%, compounded annually. how much money will be in the account 10 years later

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bunnymarshmarloykw47
To find the answer, we need to first understand that interest rate compounded yearly will come in form of power instead of multiplication:

Original value x (1+interest rate)^(years)

The annual interedt rate: 6% = 0.06

The money he will recieve 10 year later:

5000 x (1+0.06)^10
= 5000× (1.06)^10
= 5000 × 1.79085...
≈ 8954.24

Therefore, $8954.24 will be in his account 10 years later.

Hope it helps!

The money that would be in the account 10 years later is  $8.954.24.

What is the amount that would be in the account?

When an amount of money is compounded, it means that both the amount deposited and the interest earned earn an interest.

The formula for calculating future value:

FV = P (1 + r)^nm

FV = Future value

P = Present value

R = interest rate

m = number of compounding

N = number of years

$5000x (1.06)^10 = $8.954.24

To learn more about future value, please check: https://brainly.com/question/18760477

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