Question

1. A woman deposits $10000 in a bank. The interest rate per annum is 8% How much will she have in the account in 15 years to the nearest $?

Answer 1

The answer is $31,722.

Explanation:

10,000 x 1.08 = 10,800

Do this 14 more times, your answer times 1.08.

You end up with 31,721.6911418.

Rounded to the nearest dollar, that would be $31,722.