Question

Suppose your friend's parents invest $10,000 in an account paying 5% compounded annually. What will the balance be after 10 years?

The account balance will be $
(Round to the nearest cent as needed.)

Please help me fast!!

Answer 1

$16288.95

Explanation:

Use the compound interest formula of y= Initial(1+rate)^years

so y= 10000(1+0.05)^10= $16,288.95