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

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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) About Me  (Show Source):
You can put this solution on YOUR website!
.

    Then the future value is  250%2A%281%2B0.09%29%5E15 = 910.62  dollars      (rounded).      ANSWER

Solved.

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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 (!)