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Chelsea invested $15,000 at 4% interest compounded annually. How much interest will she earn in 4 years?
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Chelsea invested $15,000 at 4% interest compounded annually. How much interest will she earn in 4 years?

User Noam Hacker
by
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2 Answers

2 votes
A = P(1 + r/n)^nt
A=$ 17,547.88

User Fassl
by
7.1k points
4 votes
P = 15000, r = 4% = 0.04 per year, n = 4 years.

A = P(1 + r)ⁿ

A = 15000(1 + 0.04)⁴

A ≈ 15000(1.04)⁴ ≈ 17547.88

Interest = Amount - Principal = 17547.88 - 15000 =2547.88

Interest ≈ $ 2547.88
User Abhijeet Dhumal
by
7.2k points
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