Interest compounded annually

If you deposit $4500 at 5% annual interest compounded annually, how much money will be in the account after ten years?

Correct answer:

x =  7330.03 USD

Step-by-step explanation:

a=4500 USD i=100%+5%=1+1005=1.05  n=10  x=a in=4500 1.0510=7330.03 USD

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