We know that
• The principal is $5000.
,
• The interest rate is 2.75%.
,
• The compound is quarterly.
,
• The time is 10 years.
We have to use the compound interest formula
Where P = 5000, r = 0.0275, n = 4, and t = 10. Let's replace these values and solve for A.
Hence, after 10 years, the accumulated balance would be $6,600, approximately.