amount depsited = P = 8370
rate = 5 1/2 = 5.5%
rate = 0.055
n = compounded annually
time = 10 year
Using compound interest formula:
[tex]FV\text{ = P(1 +}\frac{r}{n})^{nt}[/tex]insert the values into the formual:
[tex]\begin{gathered} FV\text{ = 8370(1 + }\frac{0.055}{1})^{1\times10} \\ FV\text{ = 8370(1}.055)^{10} \end{gathered}[/tex][tex]\begin{gathered} FV\text{ = 1}4297.17\text{ } \\ \\ \text{Hence, the total after 10 years is 14297.17} \end{gathered}[/tex]