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abruzzese [7]
3 years ago
11

ava deposits $15000 in an account with 7% interest, compounded annually. How much will Ava’s account balance be after 15 years

Mathematics
1 answer:
Troyanec [42]3 years ago
8 0

Answer:

$41 385.47

Step-by-step explanation:

The Total amount after a compound interest can be calculated using the formula:

T = P(1 + \frac{R}{100})^{n}

where P is the amount of deposit, R is the rate of interest, n is the duration.

Hence by substituting the values, we get:

T = 15000(1 + \frac{7}{100} )^{15}

T = <u>$41 385.47 (nearest cent)</u>

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