Answer
The accumulated balance after the stated period is $5, 524.48
Step-by-step explanation
Let the initial amount deposited = $5000
Interest rate = 2%
Year = 5 years
Number of periods = 4
The compound interest formula is given as
[tex]\begin{gathered} A\text{ = P ( 1 + }\frac{r}{n})^{n\cdot\text{ t}} \\ A\text{ = 5000 ( 1 + }\frac{0.02}{4})^{4\cdot\text{ 5}} \\ A=5000(1+0.005)^{20} \\ A=5000(1.005)^{20} \\ A\text{ = 5000 }\cdot\text{ 1.104895} \\ A\text{ = \$5, 524.48} \end{gathered}[/tex]Hence, the accumulated balance after the stated period is $5, 524.48
