Suppose for your future graduation present, suppose your uncle has just deposited $638 in your bank...

Question

Question

business accounting

Answer 1

Answer #1

Answer :

Final amount in account after 15 years = $1326.36

Calculation :

We will calculate with the compound interest formula.

A= P (1 + r ) ^t

where,

A = final amount

P = principal amount

r = rate of interest

t = number of years

Putting values in above formula,

A = $638 ( 1 + 0.05 )¹⁵

A = $ 638 ( 1.05 )¹⁵

A = $ 638 * 2.0789

A = $ 1326.36

~~~ Dear student, please give a thumbs up ,if it helps. Thankyou.

Answer 2

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