You deposited $6,600 in a savings account with interest rate at 10% compounded annually. After 10 years, the balance in your account will be $17,118.7
The formula for the future value for the compound interest rate is given by:
FV = PV (1 + r)ⁿ
Where:
FV = future value
PV = present value
r = interest rate per period
n = number of periods
Parameters given in the problem:
PV = $6,600
r = 10% = 0.1
n = 10
Plug these parameters into the formula:
FV = 6,600 (1 + 0.1)¹⁰
FV = 6,600 x 1.1¹⁰ = 17,118.7
Hence, after 10 years, the balance in your account will be $17,118.7
Your question is incomplete, but most probably your question was:
On January 1, 2021, you deposited $6,600 in a savings account. the account will earn 10 percent annual compound interest, which will be added to the fund balance at the end of each year. What will be the balance in the account at the end of 10 years?
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