You deposit $5000 in a credit union at the end of each year for 10 years....

Question

Question

You deposit $5000 in a credit union at the end of each year for 10 years. The credit union pays 6% compound interest. Immedia

Answer 1

Answer #1

P= sooo tag n 26-8. na 1 neix A 2 PTI + r 1 2) 5,00 TL + 6 1 (100) LI - 5,000 T 106 = $ 8,447.39

P=Principal

r=Rate of interest

t=time period

n=number of times interest rate is compounded

A=Amount after 10 years

Interest for the 10th year won't be calculated because interest for 10th year will be calculated after the tenth deposit.

Answer-$8,447.39

Answer 2

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