Popular >

use the compound interest formula to compute the balance in the following account after the stated period of time assuming interest is compounded annually. 15000 dollars invested at an APR of 3.4% for 23 years. what is the balance in the account after 23 years

Solution

Solution

Amount : 32364.11

Solution steps

Translate the problem into an equation:

A = 15000 (1 + \frac{0.034}{1})^{1 \cdot 23}

15000 (1 + \frac{0.034}{1})^{1 \cdot 23} = 32364.10865 \dots

Round to the nearest hundredth:

32364.11

Amount : 32364.11

Popular Examples

Elijah opened a savings account and deposited 500.00 as principal. The account earns 2% interest, compounded annually. What is the balance after 5 years?What is the interest you will pay if you borrowed 120 at 5% interest for 6 years?Heaven and Jacy both leave the mall at the same time, but in opposite directions. If Heaven travels 7 mph and Jacy travels 11 mph, how long until they are 162 miles apart Find the accumulated value of an investment of 1000 at 7.5% compounded continuously for 6 years.Luca puts 3,000.00 into an account to use for school expenses. The account earns 4% interest, compounded annually. How much will be in the account after 4 years?