Answer: $11836.8
Step-by-step explanation:
Given. That :
Amount invested = $5000
Interest rate = 9% = 0.09
Period = 10 years, compounded annually
Using the compound interest formula :
A = p(1 + r/n)^nt
A = final amount
P = principal or invested amount
r = rate of interest
n = number of times interest Is applied per period
t = period
A = 5000(1 + 0.09/1)^(1*10)
A = 5000(1.09)^10
A = 5000 * 2.36736367459211723401
A = 11836.81837296058617005
= $11836.8
