Answer:
$162.89
Explanation:
Given that :
Principal (p) = $100
Interest rate (r) = 5% = 0.05 (compounded annually)
Time or period = 10 years
Compound interest formula :
A = P(1 + r/n)^nt
A = final amount ; n = number of compounding times per period
A = 100(1 + 0.05/1)^1*10
A = 100(1 + 0.05)^10
A = 100(1.05)^10
A = 100(1.62889462677744140625)
A = 162.8894626
A = $162.89
