Answer:
the balance of the account at the end of 10 years is $377,336.78
Explanation:
The computation of the balance of the account at the end of 10 years is shown below;
Future value = PMT × [((1 + rate of interest)^time period - 1) ÷ rate of interest]
= $30,000 × [((1 + 0.05)^10 -1) ÷ 0.05]
= $30,000 [((1 + 0.62889 - 1) ÷ 0.05
= $30,000 × 12.5779
= $377,336.78
Hence, the balance of the account at the end of 10 years is $377,336.78
