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29 April, 06:36

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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  1. 29 April, 06:43
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    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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