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noname [10]
3 years ago
10

You invest $15,000 in a savings account with an annual interest rate of 2.5% in

Mathematics
1 answer:
almond37 [142]3 years ago
5 0

Answer:

\$16,990.62  

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

t=5\ years\\ P=\$15,000\\ r=2.5\%=2.5/100=0.025\\n=4  

substitute in the formula above

A=15,000(1+\frac{0.025}{4})^{4*5}  

A=15,000(1.00625)^{20}  

A=\$16,990.62  

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