QQuestionMathematics
QuestionMathematics
$15,000 at 15% compounded annually for 5 years.
A. $28,500.00
B. $30,170.36
C. $17,250.00
D. $26,250.45
6 months agoReport content
Answer
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Step 1I'll solve this compound interest problem step by step using the compound interest formula.
Step 2: Identify the Compound Interest Formula
- $$n$$ = Number of years
The compound interest formula is: Where:
Final Answer
The investment of $15,000 at 15% compounded annually will grow to $30,170.36 after 5 years.
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