Answer:
$ 10394.64
Step-by-step explanation:
(Assuming the compound is by year)
The equation for compound interest is A = P(1+r/n)^nt, where A is the amount that comes out, P is the amount put in, r is the interest, n is the # of times interest is compounded per year, and t is the number of years.
Plugging in the numbers we know, we get <em>A = 5000*(1 + 0.05)¹⁵</em>.
That is <em>5000*1.05¹⁵</em> ≈ $10394.64
(I find this quite unreasonably large, but since 1.05¹⁵ > 2, it checks out.)
