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21 December, 22:39

Jon deposits $15,000 in an account that earns 6% interest, compounded annually. No other deposits are made to the account. After 10 years, Jon decides to use the investment to purchase a new home. The purchase requires a down payment of $21,500. What is the balance of Jon's account after withdrawing the down payment? (to the nearest dollar)

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  1. 21 December, 22:53
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    15000+6%^10 = 26862.71

    26862.71-21500=5362.71
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