Question

$1000 invested with compound interest at a rate of 15% per year for 9 years.

Answer 1

The Final Investment Value is
`\$3,517.88`

Explanation:

we know that

The compound interest formula is equal to

`A=P(1+(r)/(n))^(nt)`

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

`t=9\ years\\ P=\$1,000\\ r=0.15\\n=1`

substitute in the formula above

`A=1,000(1+(0.15)/(1))^(1*9)`

`A=\$3,517.88`