Answer:
$15,200
Explanation:
Compound interest (A)= P(1+r/n)^nt
Where
A=final amount
P=initial principal balance
r=interest rate
n=number of times interest applied per time period
t=number of time periods elapsed
P=$10,000
r=8%=0.08
n=12( months per year)
t=5
A=$10,000(1+0.08/12)^12*5
A=$10,000(1+0.007)^60
A=$10,000(1.007)^60
A=$10,000(1.52)
A=$15,200
