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Paula opens a bank account that earns 6% interest. Her initial deposit is $400. How much money does Paula have after 15 years?

Paula opens a bank account that earns 6% interest. Her initial deposit is $400. How much money does Paula have after 15 years?
55.1k views
6 votes
Paula opens a bank account that earns 6% interest. Her initial deposit is $400.

How much money does Paula have after 15 years?

User Erik Svedin
by
7.6k points

1 Answer

8 votes

Answer:

$461,168.60

Step-by-step explanation

  1. Turn the percentage into a decimal
  2. Take much much she has in the bank
  3. put () around 1+.6
  4. y=400(1+.6)^15 and calculate the problem and round to the nearest 100th
User Fe
by
8.2k points
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