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1 answer:
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Answer:
$2,226.96
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
<em>P = initial balance </em>
<em>r = interest rate </em>
<em>n = number of times compounded annually </em>
<em>t = time </em>
<em />
First, change 10% into its decimal form:
10% -> -> 0.1
Now lets plug in the values into the equation:
The final amount after 15 years is $2,226.96
Fraction adding: Okay, so if you have two fractions with the same denominator like 2/3 and 1/3 then they are easily added. Just add the numerators together and then keep the denominator. Like this: 2/3 + 1/3 = 3/3 or 1 whole. Here is something for fractions with unlike denominators.
