Answer:
$14,693.28
Explanation:
Data provided in the question:
Amount deposited in the bank = $10,000
Time for which it is kept, n = 5 years
Annual interest rate = 8% compounded annually = 0.08
Now,
The Future value using the formula for compounding is given as:
Future value = Amount deposited × ( 1 + rate )ⁿ
or
Future value = $10,000 × ( 1 + 0.08 )⁵
or
Future value = $10,000 × 1.4693280768
or
Future value = $14,693.28