If $10,000 is invested in an account at the rate of 6.25% compounded monthly, then the amount after 15 years is approximately

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21-07-2017
Mathematics

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If $10,000 is invested in an account at the rate of 6.25% compounded monthly, then the amount after 15 years is approximately

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Aliwohaish12 Aliwohaish12 · Answer 1 · 2017-07-21T23:23:36+02:00

Aliwohaish12 Aliwohaish12

21-07-2017

The formula is
A=p (1+r/k)^kt
A future value?
P present value 10000
R interest rate 0.0625
K compounded monthly 12
T time 15 years
A=10,000×(1+0.0625÷12)^(12×15)
A=25,473.84

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