Five years from today you plan to invest 5350 for 5 addition

Five years from today, you plan to invest $5,350 for 5 additional years at 8.6 percent compounded annually. How much will you have in your account 10 years from today?

$8,081.70

$12,208.21

$8,585.38

$8,081.70

$8,468.15

Solution

We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.

A=$5350(1.086)^5

=$5350*1.510598768

=$8081.70(Approx).