SOLUTION: if you invest 15,000 in an account paying 4% compounded annually what will the balance be after 9 years

Question 864188: if you invest 15,000 in an account paying 4% compounded annually what will the balance be after 9 years
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
if you invest 15,000 in an account paying 4% compounded annually what will the balance be after 9 years
Compound Interest formula: A=P(1+i)^n, P=initial investment, i=interest rate per period, n=number of periods, A=amount after n-periods.
For given problem:
Initial investment=15000
interest rate per period=4%
number of periods=9
..
A=15000(1+.04)^9=15000(1.04^9)=21350
Balance after 9 years=21,350
RELATED QUESTIONS
If i invest 20,000 in an account paying 7% compound annually what would be the balance... (answered by jim_thompson5910)

suppose your friend's parents invest $25,000 in an account paying 4% compounded annually. (answered by Bb,MathTherapy)

Suppose your friends parents invest $15,000 in an account paying 6% compounded... (answered by ikleyn)

If $600 is invested in an account that earns 12.25%, compounded annually, what will the... (answered by rfer)

You invest $2,000 in an account that is compounded annually at an interest rate of 5%.... (answered by josgarithmetic)

suppose u invest 1500 dollars in an account paying 4.5% annual interest. Find the account (answered by Fombitz)

4. You are planning to deposit $15,000 into a bank account at the end of each year for 5... (answered by Theo)

If a person invests 250 in an account that pays 9% interest compounded annually, find the (answered by ikleyn)

If you invest $3,000 in an account paying 3% compounded continuously, how much money will (answered by jim_thompson5910)