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Jim has $84,410 in a savings account that earns 15% interest per year. How much will he have in 4 years?

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We can use the formula for compound interest to solve this problem:

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

where:

A = final amount

P = principal amount (initial investment)

r = annual interest rate (as a decimal)

n = number of times the interest is compounded per year

t = number of years

In this case, we have:

P = $84,410

r = 15% = 0.15

n = 1 (compounded annually)

t = 4

Substituting these values into the formula, we get:

A = $84,410(1 + 0.15/1)^(1*4)

= $84,410(1.15)^4

= $148,982.74

Therefore, Jim will have $148,982.74 in 4 years.

User MhFarahani
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