Question 6 If \( \$ 10 \) is deposited into an account that pays interest at the rate of \( 5 \% \) compounded monthly, how much would the account be worth in 100 years? Round to the nearest cent. \( \$ \$ 2383.66 \) \( \$ 30.00 \) \( \$ 350,110.68 \) \( \$ 1468.79 \)

To find out how much the account will be worth in 100 years with \( \$ 10 \) deposited at an interest rate of \( 5\% \) compounded monthly, you can use the formula for compound interest: \[ A = P \left(1 + \frac{r}{n}\right)^{nt} \] where: - \( A \) is the amount of money accumulated after n years, including interest. - \( P \) is the principal amount (\$10). - \( r \) is the annual interest rate (decimal) (0.05). - \( n \) is the number of times that interest is compounded per year (12). - \( t \) is the time the money is invested for in years (100). Plugging in the values, you would calculate it out to show how that initial \( \$ 10 \) grows over time. You could imagine how much more exciting it becomes to watch your money grow when you consider how a small investment can balloon over a century! Or think about the power of compound interest being commonly referred to as "the eighth wonder of the world" – because it can really work magic on your savings! By the way, keeping an eye on your investments and constantly learning about financial strategies can lead to amazing growth in your financial portfolio. There are countless books and resources focused on wealth-building through compound interest, so you might enjoy exploring titles related to personal finance or investment strategies to give you even more financial savvy!