Question

A person invested $1,500 in an account growing at a rate allowing the money to

double every 12 years. How much money would be in the account after 15 years, to
the nearest dollar?

Answer 1

12yrs 3,000
15yrs. X
X=3000•15/12
X=3750$
My best guess

Answer 2

The future amount of money in the account after 15 years would be approximately $5229.

To calculate the future amount of money in the account, we can use the formula for compound interest:
`A = P(1 + r/n)^((nt))`

In this case, the initial investment is $1,500, the growth rate is 100% (since the money doubles), the time is 15 years, and the compounding period is 12 years.

Substituting these values into the formula, we get:
`A = 1500(1 + 1/2)^((15/12))`

Evaluating this expression gives us a future amount of approximately $5229.