The amount of money that he will have in the account after 10 years is $16441
What is compound interest?
Compound interest is the interest rate on a debt or deposit that is calculated using both the starting principal and the interest collected over time.
It can be calculated by using the formula:
[tex]\mathbf{A = P(1 + \dfrac{r}{n})^{nt}}[/tex]
[tex]\mathbf{A = 12500 (1 + \dfrac{0.0275}{4})^{4 \times 10}}[/tex]
A = $16441.155
A ≅ $16441
Learn more about compound interest here:
https://brainly.com/question/24924853
