Question

On the day their child was born, her parents deposited $15,000 in a savings account that earns 10% interest annually. How much is in the account the day the child turns 16 years old (rounded to the nearest cent)?

Answer 1

The total at first is 15000 dollars and 10 percent of that is 1500, 1500 multiplied by 16 is 24000 which is what she would get in 16 years plus what her parents put in there in the first place which was 15000 so all you have to do is add 24000+15000 which is 39000 dollars