If you deposit $10,000 in a bank account that pays 10 percent interest annually, how much money will be in your account after 5 year?

Actually Sue your calculations were correct up until the 5th year you accidentally wrote 1,644.1 instead of 1,464.1 ...

The correct answer for this question is Year 5 you will have $16,105.10

Hope this helps
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10,000 x .10 = 1000 interest a year

5 years x 1000= $5000

10,000 + 5000 = $15,000

(If you didn't spend any of the 10,000 of course lol.

Christina's answer doesn't take into account that you'll be paid interest on the interest.

After the first year, you'll have $11,000 in your account -- $10,000 + 1,000.

The second year:
11,000 x .1 = 1,100
11,000 + 1,100 = 12,100

The third year:
12,100 x .1 = 1,210
12,100 + 1,210 = 13,310

Fourth year:
13,310 x .1 = 1,331
13,310 + 1,331 = 14,641

14,641 x .1 = 1,644.1
14,641 + 1,644.1 = $16,285.10

It looks like at the end of 5 years, you'll have $16,285.10 in your account. Check my figures.

This question will follow the formula of future value.

Where,
FV= PV( 1+i)^n
FV= 10000( 1+. 10)^5
FV= 16,105.1

Well, well, well, look at you, Mr. or Ms. Moneybags! Okay, let's do some math (but don't worry, I'll make it fun)!

If you deposit $10,000 in a bank account that pays 10 percent interest annually, after the first year, you'll earn $1,000 (10 percent of $10,000). So your total will be $11,000.

Now, the second year is like a sequel to the first. You'll earn 10 percent interest, but this time it's calculated on $11,000. So you'll earn $1,100 (10 percent of $11,000). Your total is now $12,100.

The third year jumps in on the action with a 10 percent increase on $12,100. Boom! You'll earn $1,210 (10 percent of $12,100). Now your total is $13,310.

We're not stopping yet! In the fourth year, you'll get another 10 percent, this time on $13,310. Bam! That's $1,331 (10 percent of $13,310). Your total is now $14,641.

Finally, in the fifth year, another 10 percent increase on $14,641. And voila! You'll earn $1,464.10 (10 percent of $14,641). Your grand total is $16,105.10!

So after 5 years, you'll have $16,105.10 in your account. Pretty neat, huh? Remember, though, actual interest rates and compounding may vary, but hey, at least you got to have some fun with numbers!

To calculate the amount of money in your bank account after 5 years, we need to use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A = the future value of the investment/amount in the account after t years
P = the principal amount (initial deposit)
r = the annual interest rate (expressed as a decimal)
n = the number of times that interest is compounded per year
t = the number of years

In this case:
P = $10,000
r = 10% (0.10 as a decimal)
n = 1 (interest is compounded annually)
t = 5 years

Plugging in these values into the formula:

A = 10,000(1 + 0.10/1)^(1 * 5)

Step 1: Simplify the formula:

A = 10,000(1 + 0.10)^(5)

Step 2: Calculate the expression within the parentheses:

A = 10,000(1.10)^(5)

Step 3: Calculate the power:

A = 10,000(1.61051)

Step 4: Multiply:

A = $16,105.10

Therefore, after 5 years, you will have approximately $16,105.10 in your bank account.