Best Answer

At the end of the first year, the balance in the account is: 5000(1+.0638).

At the end of the second year, the balance in the account is: 5000(1+.0638)(1+.0638).

At the end of the third year, the balance in the account is: 5000(1+.0638)(1+.0638)(1+.0638).

At the end of the t year, the balance in the account is: 5000(1+.0638)^t.

So, at the end of the tenth year, the balance in the account is 5000(1+.0638)^10 = 9,280.47. $5,000 is your principal, and the remaining ($9,280.47 - $5,000) = $4,280.47 is the interest.

User Avatar

Wiki User

โˆ™ 2009-11-19 13:05:15
This answer is:
User Avatar
Study guides


20 cards

A polynomial of degree zero is a constant term

The grouping method of factoring can still be used when only some of the terms share a common factor A True B False

The sum or difference of p and q is the of the x-term in the trinomial

A number a power of a variable or a product of the two is a monomial while a polynomial is the of monomials

See all cards
1796 Reviews

Add your answer:

Earn +20 pts
Q: What is the interest compounded annually when 5000 is invested in an account paying 6.38 percent interest for 10 years?
Write your answer...
Still have questions?
magnify glass
Related questions

If 4000 dollars is invested in a bank account at an interest rate of 6 per cent per year what will be the amount after 10 year if interest is compounded annually?

4000 x (1.0610) = $7163.39

A principal of 700 is invested in an account at 6 per year compounded annually What is the total amount of money in the account after 5 years?

There is 936.76

If you deposit 10000 in a bank account that pays 10 percent interest annually how much would be deposited in your account after 5 years?

$16,105.10 if compounded yearly, $16,288.95 if compounded semi-annually, $16,386.16 if compounded quarterly, $16,453.09 if compounded monthly, and $16,486.08 if compounded daily.

What does compounded annually mean?

At the end of the year the interest is deposited in the account. The next year the interest is figured on the principal plus last year's interest.

Do you get any interest on the sum saved in provident fund account?

Yes. Currently it is 8.6% per annum compounded annually

June deposited 8450 in an account that pays 6 percent interest compounded annually find the amount she will have in the account at the end of 8 years?


What is the monthly return of 1000 invested in saving account with 5.8 monthly interest?

If you mean 5.8% annual interest rate compounded monthly, then (1000*.058)/12 = 4.83

If John invests 2300 in a savings account with a 6 percent interest rate compounded annually how long will it take until John's account has a balance of 4150?

1 year

A principal of 850 is invested in an account at 8 percent per year simple interest What is the amount of the principal after 5 years?

The total value of the deposit will be $1248.929 at the end of 5 years. The year wise ending balance would be:918991.441070.7551156.4161248.929 This is under the assumption that the interest of 8% is compounded annually.

What is good about interest-Bearing checking account?

An interest-bearing checking account draws interest on the principal balance. Interest is money that accrues annually or semi-annually and accumulates in the interest-bearing account.

You deposit 2000 in a savings account that pays 10 percent interest compounded annually How much will your account be worth in 15 years?

7954/- At the end of 5 years - 2928/- At the end of 10 years - 4715/-

How much would 200 invested at 6 percent interest compounded annually be worth after 6 years?

Your yearly worth in the bank account that had 200 dollars invested @ 6% rate of interest for 6 years would be: a. end of year 1 - 212 b. year 2 - 224.72 c. year 3 - 238.20 d. year 4 - 252.495 e. year 5 - 267.645 f. year 6 - 283.70

People also asked