SOLUTION: Mrs. Jackson deposits $15,000 in an account that earns compound interest. The annual interest rate is 6%, and the interest is compounded six times a year. To the nearest cent, wha

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Mrs. Jackson deposits $15,000 in an account that earns compound interest. The annual interest rate is 6%, and the interest is compounded six times a year. To the nearest cent, wha      Log On

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Question 1142146: Mrs. Jackson deposits $15,000 in an account that earns compound interest. The annual interest rate is 6%, and the interest is compounded six times a year. To the nearest cent, what will the account balance be after 10 years if Mrs. Jackson makes no further deposits or withdrawals?
Answer by ikleyn(52794) About Me  (Show Source):
You can put this solution on YOUR website!
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". . . six time a year."  I read as  ". . . every two months." 


Future value = 15000%2A%281%2B0.06%2F6%29%5E%286%2A10%29 = 27250.45 dollars.