7500 invested at 6 % compounded annually for 15 years

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asked Jan 2, 2018 13.3k views

1 Answer

JorgeArtware · Answer 1 · 2018-01-06T19:18:41+0000

Hi!

First I did 7,500 ÷ 100 which = 75. Then I did 75 x 6 which equals 450. 450 is what you get annually. Next you do 450 x 15 which equals 6,750 + 7,500. After 15 years you will get 14,250 total for 15 annual years combined. I'm only in 6th grade so I hope this is correct, if not I'm sorry. Let me know if you got it correct.

7500 invested at 6 % compounded annually for 15 years

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