The accrued value of the account in year 2028 = $24232
Explanation:
Amount invested = $13000
rate on the amouht invested = 4.8% = 0.048
To get the value of the account in year 2028, we will add the amount invested to the interest obtained from the simple interest formula:
[tex]\begin{gathered} I\text{ = PRT} \\ P\text{ = \$13000} \\ R\text{ = 0.048} \\ T\text{ = 2028 - 2010} \\ T\text{ = 18 years} \\ \\ I\text{ = 13000 }\times\text{ 0.048 }\times\text{ 18} \\ I\text{ = \$}11232 \end{gathered}[/tex]
The interest after 18 years (2028) = $11232
The accrued value of the account in year 2028 = 13000 + 11232
The accrued value of the account in year 2028 = $24232
