Question

ava deposits $15000 in an account with 7% interest, compounded annually. How much will Ava’s account balance be after 15 years

Answer 1

Answer:

$41 385.47

Step-by-step explanation:

The Total amount after a compound interest can be calculated using the formula:

$T = P(1 + \frac{R}{100})^{n}$

where P is the amount of deposit, R is the rate of interest, n is the duration.

Hence by substituting the values, we get:

$T = 15000(1 + \frac{7}{100} )^{15}$

T = $41 385.47 (nearest cent)