Question

Peyton invested \$1700$1700 in an account that pays 3.5% interest compounded annually. Assuming no deposits or withdrawals are made, find how much money Peyton would have in the account 15 years after her initial investment. Round to the nearest tenth (if necessary).

Answer 1

Based on the amount Peyton invested, and the interest rate, the amount in the account 15 years later would be $2,848.09.

How much would be in the account after 15 years?

The amount in the account after 15 years would be:

= Amount x ( 1 + rate) ^ number of years

Solving gives:

= 1,700 x ( 1 + 3.5%)¹⁵

= $2,848.09

Find out more on future value at brainly.com/question/24978019.