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Emil invests 2,658 in a retirement account with a fixed annual interest rate of 9% compounding. What will the account balance be after 15 years?

Solution

Emil invests 2, 658 in a retirement account with a fixed annual interest rate of 9% compounding. What will the account balance be after 15 years?

Solution

Amount : 9681.72

Solution steps

Translate the problem into an equation:

A = 2658 (1 + \frac{0.09}{1})^{1 \cdot 15}

2658 (1 + \frac{0.09}{1})^{1 \cdot 15} = 9681.71837 \dots

Round to the nearest hundredth:

9681.72

Amount : 9681.72

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