Answer:
We can use the formula for compound interest to find the balance in Eliana's savings account after 10 years:
A = P(1 + r/n)^(nt)
where A is the balance, P is the principal (initial deposit), r is the annual interest rate as a decimal, n is the number of times interest is compounded per year, and t is the time in years.
Substituting the given values, we get:
A = $700(1 + 0.04/12)^(12*10)
Simplifying, we get:
A = $700(1.0033333)^120
Using a calculator, we get:
A ≈ $1,038.81
Therefore, the balance in Eliana's savings account after 10 years is approximately $1,038.81.