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Calculate the total account value for $10,000.00 at 10% interest for 15 years

User Batgun
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1 Answer

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To calculate the total account value for $10,000.00 at 10% interest for 15 years, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

where:
A = the total account value
P = the principal amount (the initial investment)
r = the annual interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the number of years

Plugging in the given values, we get:

A = 10,000(1 + 0.10/1)^(1*15)
A = 10,000(1.10)^15
A = 10,000(4.177)
A = $41,770.00

Therefore, the total account value for $10,000.00 at 10% interest for 15 years would be $41,770.00.
User P D
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