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LUCKY_DIMON [66]
3 years ago
15

You want to deposit $15,000 in a bank at an interest rate of 7 percent per year. What is the future value of this money after th

ree years? A)$18,375.65 B)$19,661.94 C)$20,407.33
Mathematics
2 answers:
alexdok [17]3 years ago
4 0
The answer you are looking for is A
atroni [7]3 years ago
3 0

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=3\ years\\ P=\$15,000\\ r=0.07\\n=1

substitute in the formula above

A=15,000*(1+\frac{0.07}{1})^{3}=\$18,375.65

therefore

<u>the answer is </u>

\$18,375.65

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