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professor190 [17]
2 years ago
10

If the Ramirez family deposits $5000 in a savings account at 7.5% interest compounded continuously, how much will be in the acco

unt after 15 years?
Mathematics
2 answers:
GenaCL600 [577]2 years ago
8 0

Answer: The amount is $14794.39 and the interest is $9794.39

Step-by-step explanation: If you deposit <em><u>$5000</u></em><u> </u>into an account paying <em><u>7.5%</u></em> annual interest compounded yearly , how much money will be in the account after <em><u>15 years</u></em>?

To find amount we use formula:

A-P(1+r/n) n*t

A = total amount

P = principal or amount of money deposited,

r = annual interest rate

n = number of times compounded per year

t = time in years

P=$5000, r=7.5, n=1 and, t=15 years

After plugging the given information we have

A= $5000 (1+0.075/1)^1.15

A= 5000 *1.075^15

A=14794.39

To find interest we use formula  A=P+I'

since A= 14794.39  and P=5000

we have: A=P+I 14794.39=5000+I

I= 14794.39 -5000

I=9794.39

Salsk061 [2.6K]2 years ago
8 0

Answer:

The amount is $14794.39 and the interest is $9794.39

Step-by-step explanation:

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Step-by-step explanation:

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