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Answer:
≈ $9164.35
Step-by-step explanation:
The future amount A is calculated as
A = P
P is the Principle
r is interest rate
n is number of times per year compounding happens
t is the number of years
Here P = 15000 , r = 16% = 0.16, n = 12 , t = 3
A = 15000
= 15000 (
≈ 24164.35
Interest paid = $24164.35 - $15000 = $9164.35