SOLUTION: You buy a commemorative coin for $25. The Value of the coin increases 3.25% per year. How much will the coin be worth in 15 years? Round to the nearest cent. PLEASE ANSWER THIS

Question 475629: You buy a commemorative coin for $25. The Value of the coin increases 3.25% per year. How much will the coin be worth in 15 years? Round to the nearest cent.
PLEASE ANSWER THIS FOR ME !!!!!!!!!!!!
$39.10 IS WRONG .
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
You buy a commemorative coin for $25. The Value of the coin increases 3.25% per year. How much will the coin be worth in 15 years? Round to the nearest cent.
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I believe you can use the compound interest formula for this problem: A=P(1+i)^n, A=value of investment after n-years, P=initial investment, i=interest rate per period, n=number of periods
..
A=25(1+.0325)^15
A=25*1.0325)^15
A=25*1.6157=40.39
ans:
The $25 coin will be worth $40.39 after 15 years at an annual interest rate of 3.25%
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