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Suppose your friend's parents invest $15,000 in an account paying 4 percent compounded annually. What will the balance be after 5 years? (12 points to whoever can help me!)<…

Suppose your friend's parents invest $15,000 in an account paying 4 percent compounded annually. What will the balance be after 5 years? (12 points to whoever can help me!)<…
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4 votes
Suppose your friend's parents invest $15,000 in an account paying 4 percent compounded annually. What will the balance be after 5 years? (12 points to whoever can help me!)

User Mintywalker
by
8.2k points

1 Answer

5 votes
I = PRT
I = 15,000 x .04 x 1
Interest = 600 per year.....
600 x 5 = 3000 in 5 years......

So, 15,000 + 3000 = 18,000
User Nsayer
by
7.7k points
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