SOLUTION: In you invest $7,500 in an account paying a 6.25% interest compounded continuoulsy, how much money will be in the account at the end of 15 years? Thank you, Michelle

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: In you invest $7,500 in an account paying a 6.25% interest compounded continuoulsy, how much money will be in the account at the end of 15 years? Thank you, Michelle      Log On


   

Question 48878: In you invest $7,500 in an account paying a 6.25% interest compounded continuoulsy, how much money will be in the account at the end of 15 years?
Thank you, Michelle
Answer by rajagopalan(174) About Me  (Show Source):
You can put this solution on YOUR website!
p= 7500
n= 15
R= 6.25
A=p(1+r/100)^15=18620.67175
Say 18620.67.
OKay.