Find the compound amount for the deposit and the amount of interested earned.\15, 000 at %5 compounded monthly for 18 years. The amount of interest earned is\$

Solution

Find the compound amount for the deposit and the amount of interested earned.\15, 000 at %5 compounded monthly for 18 years. The amount of interest earned is$

Solution

Amount : 36825.13

Solution steps

Translate the problem into an equation:

A = 15000 (1 + \frac{0.05}{12})^{12 \cdot 18}

15000 (1 + \frac{0.05}{12})^{12 \cdot 18} = 36825.12634 \dots

Round to the nearest hundredth:

36825.13

Amount : 36825.13

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