Question

If $1500 are deposited into an account with a

7% interest rate, compounded quarterly, what is
the balance after 15 years?
F = P(1+)nt
Start by entering P, or the principal
(initial investment).
P = $[?]

Answer 1

`~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$1500\\ r=rate\to 7\%\to (7)/(100)\dotfill &0.07\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{quarterly, thus four} \end{array}\dotfill &4\\ t=years\dotfill &15 \end{cases} \\\\\\ A = 1500\left(1+(0.07)/(4)\right)^(4\cdot 15) \implies A = 1500( 1.0175)^(60)\implies A \approx 4247.72`