You deposit $4,500.00 in an account earning 4.27% interest compounded daily (excluding leap years). How much will you have in the account in 10 years?

There will be  in the account in 10 years.

The formula for compound interest is:

\[
A = P \left(1 + \frac{r}{n}\right)^{nt}
\]

Where:
- $A$ is the amount of money in the account after $t$ years.
- $P$ is the principal amount (initial deposit), which is $4,500.
- $r$ is the annual interest rate (decimal), which is $4.27\% = 0.0427$.
- $n$ is the number of times the interest is compounded per year. Since the interest is compounded daily, $n = 365$.
- $t$ is the number of years, which is 10.

Let's calculate the amount $A$.There will be approximately $6,896.76 in the account in 10 years.

Would you like more details or have any other questions?

Here are 5 related questions to consider:
1. How does increasing the interest rate affect the final amount?
2. What happens if the interest is compounded monthly instead of daily?
3. How much interest is earned after 5 years instead of 10?
4. What is the effect of doubling the initial deposit?
5. How can you calculate the time required to double your investment?

**Tip:** The more frequently interest is compounded, the more money you earn.

You deposit $4,500.00 in an account earning 4.27% interest compounded daily (excluding leap years). How much will you have in the account in 10 years?

Find out how much you will have in your account after 10 years with a $4,500 deposit at a 4.27% interest rate compounded daily. This problem demonstrates the use of the compound interest formula, a key concept in algebra and exponential growth. Suitable for students in Grades 9-12.

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