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Lilit [14]
3 years ago
8

If a person invests $250 at 9% annual interest, find the approximate value of the investment at the end of 15 years.

Mathematics
1 answer:
Ne4ueva [31]3 years ago
5 0

Assume compounding once per year. Then A = P(1+r)^t, where r is the annual interest rate as a decimal fraction and t is the number of years.


Then A = Value after 15 years = $250(1+0.09)^15 = $910.62

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