What is the future value of $10,000 deposited for five years earning 5% interest rate annually
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$10,000*(1.05)^5
=$12762.82(Approx).
What is the future value of $10,000 deposited for five years earning 5% interest rate annually
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