Suppose you put $10,000 into a bank account today that pays interest annually at an annual rate of 0.5%.What is the future value of the $10,000 after 10 years?
A)$10,050.00
B)$10,511.40
C)$10,573.26
D)$16,288.95

Question

Suppose you put $10,000 into a bank account today that pays interest annually at an annual rate of 0.5%.What is the future value of the $10,000 after 10 years?​
A)​$10,050.00
B)​$10,511.40
C)​$10,573.26
D)​$16,288.95

Quizplus · Accepted Answer

The future value of the $10,000 after 10 years can be calculated using the formula:FV = PV * (1 + r)^nwhere:PV is the present value ($10,000)r is the annual interest rate (0.5%)n is the number of years (10)Plugging in the values, we get:FV = 10000 * (1 + 0.005)^10= 10000 * 1.05114= $10,511.40Therefore, the future value of the $10,000 after 10 years is $10,511.40.

Suppose You Put $10,000 into a Bank Account Today That