document.write( "Question 710722: If I put $250 in an account that earns 7.5%, how much will there be in the account at the end of 15 years?
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document.write( "Could you help me with this problem please? \n" );
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Algebra.Com's Answer #437161 by tutor_paul(519)![]() ![]() You can put this solution on YOUR website! You need to know the equation for future value of money for this problem. Once you know it, this problem is a piece of cake:\r \n" ); document.write( "\n" ); document.write( " \n" ); document.write( "\n" ); document.write( "Where: \n" ); document.write( "FV = Future Value \n" ); document.write( "PV = Present Value \n" ); document.write( "r = Annual Interest Rate \n" ); document.write( "n = number of periods.\r \n" ); document.write( "\n" ); document.write( "You have all this information, so just plug it in. (Note 7.5%=0.075) \n" ); document.write( " \n" ); document.write( " \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "Wow, $250 grew to almost $740! That's the \"miracle\" of compound interest. So start saving now!\r \n" ); document.write( "\n" ); document.write( "===================== \n" ); document.write( "Good Luck, \n" ); document.write( "tutor_paul@yahoo.com \n" ); document.write( " \n" ); document.write( " |