Suppose your friends parents invest $15,000 in an account paying 4% annually. What will the balance be after 9 years?

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asked Feb 28, 2019 203k views

1 Answer

Augustine Joseph · Answer 1 · 2019-03-07T05:49:36+0000

Here's the equation for one year:
0.04(15000) + 15000
Because it is 9 years:
0.36(15000) + 15000
We can make it simpler:
1.36(15000)
Multiply:
20400
Their balance is $20400

Suppose your friends parents invest $15,000 in an account paying 4% annually. What will the balance be after 9 years?

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