Answer:
To calculate the amount you will have in the account after 15 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the future value of the investment/amount in the account
P = the principal amount (initial deposit)
r = the annual interest rate (as a decimal)
n = the number of times that interest is compounded per year
t = the number of years
In this case, you deposited $300, the interest rate is 8% (0.08 as a decimal), and the interest is compounded annually (n = 1). You want to find out the amount after 15 years.
Plugging these values into the formula, we get:
A = 300(1 + 0.08/1)^(1*15)
Simplifying:
A = 300(1 + 0.08)^15
Using a calculator or manually calculating, we find:
A ≈ 300(1.08)^15
A ≈ 300(1.627424)
A ≈ 488.23
So, after 15 years, you will have approximately $488.23 in the account.
Explanation:
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