Answer:
$12,892.67
Explanation:
Given:
Deposit amount (P) = $5,000
Interest Rate(I) = 7% (compounded annually) = 7/100 = 0.07
Number of years (n) = 10+4 = 14 years
Amount (A)=?
Calculation:
[tex]A = P (1 + I)^n\\ = 5,000 (1+0.07)^{14}\\ = 5,000(1.07)^{14}\\=5,000(2.57853415)\\=12,892.6708[/tex]
Amount = $12,892.67
So, we get $12,892.67 , 10 years from today.
