Answer
$ \$ 1,048.96$
Work Step by Step
The future value of an investment of $\\\\$
PV=10,000 dollars earning interest $\\$
at an annual rate of r=$2\%=0.02\\$
compounded (reinvested) m$=4$ times per year$\\$
for a period of t$=5$ years is$\\$
$FV=PV(1+\displaystyle \frac{r}{m})^{mt}\\$
$=10,000(1+\displaystyle \frac{0.02}{4})^{4\cdot 5}\approx$11048.9557719$\\$
rounded to the nearest cent: $FV=\$ 11,048.96\\$
The investment will have grown by$\\$
$FV-PV=\$ 1,048.96$
