Welcome to Westonci.ca, the ultimate question and answer platform. Get expert answers to your questions quickly and accurately. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.
Sagot :
EXPLANATION:
We are given an investment of $15,000 invested for 13 years at an annual rate of 3.15%.
To calculate the Simple Interest on this investment, the formula given is;
[tex]I=PRT[/tex]Where the variables are;
[tex]\begin{gathered} P=15000 \\ R=3.15\% \\ T=13 \end{gathered}[/tex]We now have;
[tex]I=15000\times0.0315\times13[/tex][tex]I=6142.5[/tex]The value at the end of the investment period is now derived as;
[tex]A=P+I[/tex][tex]A=15000+6142.5[/tex][tex]A=21,142.5[/tex]To calculate value of this investment using the compound interest formula, we shall apply the formula which is;
[tex]A=P(1+r)^t[/tex]Given the same variables as earlier, we simply substitute and solve as shown below;
[tex]A=15000(1+0.0315)^{13}[/tex][tex]A=15000(1.0315)^{13}[/tex][tex]A=15000(1.49658028574)[/tex][tex]A=22448.7042861[/tex]We can round this to 2 decimal places and we'll have;
[tex]A=22,448.70[/tex]ANSWER:
Amount of the investment after 13 years will be $22,448.70
We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.
