Solve 1-3.Show and explain your work.
2 answers:
You might be interested in
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