Homework Answers
Principal = $2,978
Timer period (n) = 10 years
Interest rate (i) = 5%
Money in the account = Principal x (1+i)n
= 2,978 x (1+0.5)10
= 2,978 x (1.05)10
= 2,978 x 1.62889463
= $4,850.85
Fourth option is correct option.
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