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Shamika's grandmother opens an account with a deposit of $5,000 for Shamika as a college savings account. The account pays 5 percent annual interest. How much money will be in the account after 10 years?
Question 8 options:

A)

$8,954.24

B)

$8,052.55

C)

$7,401.22

D)

$8,144.47

Respuesta :

jazminereed03
A) 8,954.24 because of the yearly I treat you take the instrest out of 5,000 and times it by ten
abidemiokin

The amount of money that will be in the account after 10 years is $7500

How to calculate the amount on a sum of money

The amount is the sum of the amount invested and the interest. Mathematically:

Amount = Principal + Interest

Find the interest

Interest = Principal* Rate * Time

Interest = 5000 * 0.05 * 10
Interest = 2500

Find the amount

Amount = $5000 + $25000
Amount = $7500

Hence the amount of money that will be in the account after 10 years is $7500

Learn more on interest here: https://brainly.com/question/16134508

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