Answer:
FV= $21,038.28
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $15,000
Interest rate (i)= 7% compounded annually
Number of periods (n)= 5
<u>To calculate the future value (FV), we need to use the following formula:</u>
FV= PV*(1 + i)^n
FV= 15,000*(1.07^5)
FV= $21,038.28
He earned $199,423 in interest.
His total would be $207,423.
Answer:
JMK
Step-by-step explanation:
Answer:
ion
Step-by-step explanation:
Hi there!
Let's break this down:
Two times a number = 2n
Increased by 5 = + 5
is 15 - = 15
Total equation:
2n + 5 = 15
Solving:
2n + 5 = 15
2n = 10
n = 5
Hope this helps!! :)
If there's anything else that I can help you with, please let me know!
