SOLUTION: If a person invests 250 in an account that pays 9% interest compounded annually, find the balance after 15 years.

Question 1185022: If a person invests 250 in an account that pays 9% interest compounded annually, find the balance after 15 years.
Answer by ikleyn(52756) (Show Source): You can put this solution on YOUR website!
.


    Then the future value is   = 910.62  dollars      (rounded).      ANSWER

Solved.

------------------

If you need more details and explanations, look into these two lessons
    - Compound interest percentage problems
    - Problems on discretely compound accounts
in this site, and learn the subject from there.

After reading these lessons, you will tackle such problems on your own without asking for help from outside.

Also, you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lessons are the part of this online textbook under the topic "Logarithms".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.

Happy learning (!)

RELATED QUESTIONS
If a person invests $190 in an account that pays 4% interest compounded annually, find... (answered by stanbon)

The amount of money, A, accrued at the end of n years when a certain amount, P, is... (answered by fractalier)

The amount of money, A, accrued at the end of n years when a certain amount, P, is... (answered by fractalier,addingup,Cromlix)

Please help me and show work. Thanks $800 is deposited in an account that pays 9%... (answered by jim_thompson5910)

A customer deposits $500 in an account that pays 4% annual interest. What is the balance... (answered by stanbon)

a person invests $310 in an account that pays 8%. how do I find the balance after 10... (answered by Theo)

A business invests $25,000 in an account that earns 5% interest compounded annually. What (answered by jim_thompson5910)

You deposit $1,600 in a bank account that pays 6% interest compounded annually. What is... (answered by ewatrrr)

if $1,00 is deposited in a bank account that pays 4% interest compounded annually, what... (answered by dyakobovitch)