Answer:
$10,467.06
Step-by-step explanation:
The computation of the future value is shown below:
As we know that
Future value = Present value × (1 + rate of interest)^number of years
here
rate of interest = 8.25% ÷ 12 = 0.6875%
And, the number of years is = 12 × 10 = 120
So, the future value is
= $4,600 × (1 + 0.6875%)^120
= $4,600 × 2.275448086
= $10,467.06
