Question

If $15,000 is invested at 6% interest compounded monthly, find the interest earned in 15 years.

Answer 1

Okay, here we have this:

Considering the provided information let's replace in the following formula:

`\begin{gathered} A=P\mleft(1+(r)/(n)\mright)^(nt) \\ A=15000(1+(0.06)/(12))^(12\cdot15) \\ A=15000\cdot\: 1.005^(180) \\ A\approx$36,811.40$ \\ A-P=$36,811.40$-15000 \\ A-P=$21,811.40$ \end{gathered}`

Finally we obtain that after 15 years the interest earned is $21,811.40