Question

You are investing $1500 at 5.2% compounded annually. How much money will you have in 12 years?

Answer 1

$2756.01 to the nearest cent.

Explanation:

A = P(1 + r)^t where A is the amount after t years, P = amount invested, r = rate as a decimal fraction.

So here, we have:

A = 1500(1 + 0.052)^12

= 1500 * 1.837337

= $2756.01