Points If a person invests $250 at 9% annual interest, find the approximate value of the investment at the end of 15 years.
1 answer:
Principal Amount = P = $250
Interest Rate = r = 9% = 0.09
Time in years = t = 15 years
Value of investment = A = ?
The formula to calculate the value on investment as a result of annual interest is:
Using the values in the above formula, we get:
Thus, at the end of 15 years the value of the investment will be $ 910.62.
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