3 years ago

If A, dollars are invested at annual interest rate r, compounded

Mathematics

1 answer:

frez [133]3 years ago

6 0

Answer:

$11,991.60

Step-by-step explanation:

An appropriate formula is ...

A = P(1 +r/n)^(nt)

where r is the annual rate, n is the number of time per year interest is compounded, and t is the number of year. P is the principal invested.

Filling in the given numbers, we have ...

A = $2000(1 +0.12/12)^(12·15) = $2000(1.01^180) ≈ $11,991.60

The account balance after 15 years will be $11,991.60.

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