Question

You just opened a savings account and deposited $300 at 3% that u plan on withdrawing in 15 years. How much money will you have by then?

Answer 1

Answer:

$467.37

Step-by-step explanation:

Given data

Principal= $300

Rate= 3%

Time = 15 years

Applying the compound interest formula, we have

A=P(1+r)^t

A=300(1+0.03)^15

A=300(1.03)^15

A=300*1.5579

A=$467.37

Hence after 15years the balance will be $467.37