Question 404442
V=P(1+r/n)^nt


Let's write down what we are given:


P = 10000
r = 0.051
t = 10 years
n = 12 (because it is compounded monthly, or 12 times per year)


V=P(1+r/n)^nt
V = 10000(1+0.051/12)^(12*10)
V = 16634.93


So he will have $16,634.93 after ten years.