What is the account balance after 10 years

[Haileigh]

lea invests $5000 in a savings account with a fixed annual interest rate of 8% compounded 4 times per year.what will the account balance be after 10 years?

 

[Tavasanis]

Account balance after 10 years will be [MATH]5000 \times (1+8/(100 \times 4))^{4\times 10}[/MATH] = 5000 * 2.208 = 11040 dollars.

 

[JeffM]

Account balance after 10 years will be [MATH]5000 \times (1+8/(100 \times 4))^{4\times 10}[/MATH] = 5000 * 2.208 = 11040 dollars.

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