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jarptica [38.1K]
2 years ago
5

Consider an investment of $6000 that earns 4.5% interest

Mathematics
1 answer:
Alik [6]2 years ago
6 0

Answer:

$11,611.69

Step-by-step explanation:

<u>Compound Interest Formula</u>

\large \text{$ \sf A=P\left(1+\frac{r}{n}\right)^{nt} $}

where:

  • A = final amount
  • P = principal amount
  • r = interest rate (in decimal form)
  • n = number of times interest applied per time period
  • t = number of time periods elapsed

Given:

  • P = $6,000
  • r = 4.5% = 0.045
  • n = 1 (annually)
  • t = 15 years

Substitute the given values into the formula and solve for A:

\implies \sf A=6000\left(1+\frac{0.045}{1}\right)^{(1 \times 15)}

\implies \sf A=6000(1.045)^{15}

\implies \sf A=11611.69466...

Therefore, the value of the investment after 15 years will be $11,611.69 to the nearest cent.

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