Formula = FV = P \([ 1+\frac{r}{n}]^n^t\)
FV = future value of the deposit
P = principal or amount of money deposited
r = annual interest rate (in decimal form)
n = number of times compounded per year
t = time in years
Plug in the values then simplify :
FV = \(4500~[1+ \frac{0.05}{4} ]^4^(^1^0^)\)
FV = \(4500~(1.0125)^4^0\)
FV = 4500 (1.64361946349)
FV = 7396.28758569
Round your final answer to two decimals places.
FV = 7396.29
After 10 years, there will be $7396.29 in the account :)