Question

Michelle deposites $500 in a Career Planning Scheme for her daughterand the money doubles every 3 years. What is the total amount after 15years?

Answer 1

Money deposited=$500

Money double after 3 years

So, after 3 years amount will be,

`\begin{gathered} A=2*500 \\ =1000 \end{gathered}`

for 15 years,

`(15)/(3)=5`

i.e. the amount will increse 5 times in 15 years.

The total amount after 15 years will be,

`\begin{gathered} A=1000+1000+1000+1000+1000 \\ =5000 \end{gathered}`