Question

You want to ctegsosit $15,00na bank at an interest rate of 7 percent per year What is the uture vale of this money after three yes?

tuture value P+)
present value +0
OA S1837563
OR $19661.94
OC $20407.33

Answer 1

A $18, 375.63

Step-by-step explanation:

The amount to be deposited is $15,000

Interest rate is 7 percent

time is 3 years

the future value will be; the applicable formula

A = p x ( 1 + r) ^n

A = $15,000 x ( 1 + 7/100) ^ 3

A= $15,000 x 1.225043

A=$18,375. 64