SOLUTION: Tom opens a bank account and makes an initial deposit of $15,000. The banker tells Tom that he is going to receive an annual rate of 3.5% on his investment. Find the bank balance a
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Question 1076311: Tom opens a bank account and makes an initial deposit of $15,000. The banker tells Tom that he is going to receive an annual rate of 3.5% on his investment. Find the bank balance assuming Tom leaves the account untouched for 15 years. In your final answer, include all of your calculations. Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! Assuming annual compounding, then:
FV=15000*(1+.035)^15
FV=15000*1.6753488307521611831782355996538
FV=$25130.23
At the end of 15 years, Tom should have $25130.23 in his account. ☺☺☺☺
