Question

Can you help me on question 13..

Answer 1

Compundinterest
F=P(1+(r/n))^(nt)

F=future value
P=present value
r=rate in decimal form
n=number of times per yera it is compunded
t=time in years


P=20000
r=0.03
12 months per year so n=12
t=15

F=20000(1+(0.03/12)^(12*15)
F=20000(1.0025)^(180)
F=20000(1.56743)
F=31348.634
round
$31348.63

B is answer