Answer:
$14,005.88
Explanation:
The amount that Ben will contain in his account after 10 years shall be determined as follows:
Value of amount deposit now after 10 years=$5,000(1+7.5%)^10=$10,305.16
Value of amount deposit at end of year 1 after 10 years=$1,000(1+7.5%)^9
=$1917.24
Value of amount deposit at end of year 2 after 10 years=$1,000(1+7.5%)^8
=$1,783.48
Total value after 10 years=$14,005.88
($10,305.16+$1917.24+$1,783.48)
