Answered

Looking for answers? Westonci.ca is your go-to Q&A platform, offering quick, trustworthy responses from a community of experts. Get quick and reliable solutions to your questions from knowledgeable professionals on our comprehensive Q&A platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Suppose your friend's parents invest $15,000 in an account paying 7% compounded annually. What will the balance be after 10 years?

Sagot :

Naseeem88

Answer:

$25,500

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 7%/100 = 0.07 per year,

then, solving our equation

I = 15000 × 0.07 × 10 = 10500

I = $ 10,500.00

The simple interest accumulated

on a principal of $ 15,000.00

at a rate of 7% per year

for 10 years is $ 10,500.00.

Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.