Leslie mosallam, who recently sold her porches, placed $10,000 in savings account paying annual compound interest of 6 percent.Calculate the amount of money that will accumulate if leslie leaves the money in the bank for 1, 5, and 15 years?
$10,000 x (1.06)⁵ = $13382.26 for 5 years (rounded to the nearest penny.
$10,000 x (1.06)^ 15th power = $23,965.58 for 15 years (rounded to the nearest penny
Note how the 1 in front of the interest includes the principal. Note that the exponents reflect the amount of time (in years) that the money was left in the account. I did not use an exponent for the first year since a n¹ = n (any number to the power of 1 is that number)
