Question

A deposit of $5000 is made into a savings account which earnes 3&3/4% interest compounded annually. If no additional deposits or 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

Answer 1

`5000 * ((100 + 3.75)/(100)) ^(10)` = $7225.21971 ($7225.22)