Question

If a person invests $290 at 6% annual interest, find the approximate value of the investment at the end of 15 years. A. $450 B. $2030 C. $695 D. $707

Answer 1

`\large \boxed{\sf \bf \ \ C. \ \$ 695 \ \ }`

Explanation:

Hello, please consider the following.

At the beginning, we have $290.

After 1 year, we get 290 + 6% * 290 = 290 (1+0.06)= 290 * 1.06

After n years, we get
`290\cdot 1.06^n`

So after 15 years, we get.

`290\cdot 1.06^(15)=695.0018...`

Thank you