Question

If $10,000 is invested in an account at the rate of 6.25% compounded monthly, then the amount after 15 years is approximately

Answer 1

The formula is
A=p (1+r/k)^kt
A future value?
P present value 10000
R interest rate 0.0625
K compounded monthly 12
T time 15 years
A=10,000×(1+0.0625÷12)^(12×15)
A=25,473.84