document.write( "Question 1095034: if 15,000 is invested in an account that earns 1.2% simple interest, how much money is in the account after 5 years? How much money would be in the account if the interest rate was 0.1% instead? \n" ); document.write( "

Algebra.Com's Answer #709571 by Boreal(15235) $\"\"$ $\"About$

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The general formula is P=Po{1+r/n))^nt, where t is the number of years and n the number of compoundings per year, 1 in this instance. That makes the form P=Po{1+r)^5
\n" ); document.write( "This is 15000(1+.012)^5=$15,921.86, rounding at the end.
\n" ); document.write( "15000(1+0.001)^5=$15,075.15 \n" ); document.write( "

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