Final answer:
To calculate the total amount payable at the end of multiple periods for an investment with compound interest, use the formula: Total Amount Payable = Principal × (1 + Interest Rate)^Number of Periods. For the given investment of $52,460 at an 11% interest rate, the correct option is (d) $96,836.83.
Step-by-step explanation:
To calculate the total amount payable at the end of multiple periods, we can use the formula:
Total Amount Payable = Principal × (1 + Interest Rate)Number of Periods
Using this formula, for the given sum of $52,460 invested at an 11% interest rate, we can calculate:
Total Amount Payable at the end of the 7th period = $52,460 × (1 + 0.11)7 = $78,437.43
Total Amount Payable at the end of the 8th period = $52,460 × (1 + 0.11)8 = $87,150.47
Total Amount Payable at the end of the 9th period = $52,460 × (1 + 0.11)9 = $96,836.83
Total Amount Payable at the end of the 10th period = $52,460 × (1 + 0.11)10 = $107,704.77
Therefore, the correct option is (d) $96,836.83