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Brian invested 15000 in account paying an interest rate of 3.6% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 18 years?

Solution

Solution

Amount : 28350.9

Solution steps

Translate the problem into an equation:

A = 15000 (1 + \frac{0.036}{1})^{1 \cdot 18}

15000 (1 + \frac{0.036}{1})^{1 \cdot 18} = 28350.90041 \dots

Round to the nearest hundredth:

28350.9

Amount : 28350.9

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