How much would $100 invested at 8% interest compounded annually be worth after 15 years? Round your answer to the nearest cent. Do not include units in your answer.

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asked May 4, 2018 115k views

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Endbegin · Answer 1 · 2018-05-08T19:24:50+0000

To calculate problems abound about compounding interest use the equation A = P (1 + r/n)^(nt), where A is the future price, P is the principal amount, r is the interest rate, n is the number of times the interest is compounded per year and t for the total years. To solve, A = 100 (1 + 0.08/1)^(1 x 15) = 317.22.

How much would $100 invested at 8% interest compounded annually be worth after 15 years? Round your answer to the nearest cent. Do not include units in your answer.

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