Joyce deposited $5000 in an account with an annual interest rate of 6%, compounded annually. how much money will be in the account 10 years later

To find the answer, we need to first understand that interest rate compounded yearly will come in form of power instead of multiplication:

Original value x (1+interest rate)^(years)

The annual interedt rate: 6% = 0.06

The money he will recieve 10 year later:

5000 x (1+0.06)^10
= 5000× (1.06)^10
= 5000 × 1.79085...
≈ 8954.24

Therefore, $8954.24 will be in his account 10 years later.

Hope it helps!

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