John Vincent invested 10000 in a savings account The account

John Vincent invested $10,000 in a savings account. The account pays 4% annual interest. John will have how much in the account at the end of 10 years? Round to the nearest dollar.. (the table below may help you answer this question) Period 2% 4% 6% 8% 10% 12% 15% 20% 10200 1.0400 10600 10800 1.1000 1.1200 1.1500 1.2000 0404 1.0816 1.1236 16640 1.2100 1.2544 1.3225 1.4400 10612 1.1249 1.1910 1.2597 13310 14049 15209 1.7280 4 1.0824 1.1699 1.2625 1360S 14641 15735 1.7490 2.0736 5 1.1041 1.2167 1.3382 14693 16105 1.7623 20114 2.4883 6 1.1262 1.2653 14185 1.5869 17716 1.9738 2.3131 2.9860 7 1.1487 1.3159 15036 1.7138 19487 22107 26600 3.5832 8 1.1717 1.3686 1.5938 1.8509 2.1436 2.4760 30590 4.2998 9 1.1951 14233 16895 1.9990 2.3579 2.7731 35179 5.1598 10 1.2190 14802 1.7908 21589 2.5937 3.1058 40456 6.1917 111.2434 1.5395 18983 2.3316 28531 34785 46524 74301 12 1.2682 16010 20122 25182 3,1384 38960 53502 8.9161 13 1.2936 16651 2.1329 2.7196 3452343635 61528 10.6990 14 13195 1.7317 2.2609 29372 37975 48871 70757 12.8390 15 13459 18009 2.3966 3.1722 4.1772 54736 81371 15.4070 16 1.3728 18730 25404 34259 45950 61304 93576 18.4880 17 14002 19479 26928 3,7000 5054568660 10.7610 22,1860 18 14282 20258 28543 39960 55599 76900 12.3750 26.6230 19 14568 2.1068 30256 43157 6.1159 86128 14.2310 31.9480 20 14859 2.1911 3.2071 46610 67275 96463 16.3660 38.3370 Select one: a. A. \\ 14,802 O b. B. $14,984 O c. C. $16.010 o d. D. $ 16,311 o e. E. None of the above

Solution

Given:

Amount invested = $10,000

Interest rate = 4%

Duration = 10 years

Formula: Future value = Present value * (1+ interest rate)^n

Where n is the time period.

Working : FV = 10,000*(1+0.4)^10

Answer : A) 14,802