A sum of $10,000 is invested at an annual rate of 8%. Find the balance in the account after
5 years subject to quarterly compounding. Round to the nearest cent.

$14,859.47

Step-by-step explanation:

Lets use the compound interest formula provided to solve this:

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First change 8% into a decimal:

8% -> -> 0.08

Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:

The balance after 5 years is $14,859.47

answer: all of the odd numbers were opened

the first person was the one that was opening all of the lockers. since one is odd, this causes all of the odd number lockers to be opened in the end.