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bahamondekrist
bahamondekrist bahamondekrist
  • 21-07-2016
  • Mathematics
Answered

How much money will you have if you started with $ 50, and put it in an account that earned 9.7% every year for 15 years?

Verified Answer :

Ckaranja
Ckaranja Ckaranja
  • 21-07-2016

Compound interest:
A=p(1+\(\frac{r}{100}\)\()^{n}\)
A=50(1+\(\frac{9.7}{100}\)\()^{15}\)
A=50(1.097\()^{15}\)
A=50*4.00958
A= $200.48

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