Question

You invest an initial $2,000 in an account that has an annual interest rate of 6%, compounded daily. How much money will you have in the account after 15 years? Round your answer to the nearest whole number.

Answer 1

The total amount of money earned after 15 years is given by the formula:
A=p(1+r/100)^n
where:
p=principle=$2000
r=rate=6%
n=time=15 years
thus;
A=2000(1+6/100)^15
A=2000(1.06)^15
A=$4,793.12