Homework Answers
Answer :
Final amount in account after 15 years = $1326.36
Calculation :
We will calculate with the compound interest formula.
A= P (1 + r ) t
where,
A = final amount
P = principal amount
r = rate of interest
t = number of years
Putting values in above formula,
A = $638 ( 1 + 0.05 )15
A = $ 638 ( 1.05 )15
A = $ 638 * 2.0789
A = $ 1326.36
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