Question 1173696
The formula for compound interest is: {{{A=P(1+r/n)^nt}}}
A=amount, P=principal, r=interest rate (decimal), n=number of times compounded per unit "t", t=time
P=15000
r=0.05
n=2
t=3
Now we have to input the numbers into the formula:
{{{A=15000(1+0.05/2)^(2*3)}}}≈17395.40
Answer is rounded to the nearest hundredth.
Therefore the amount obtained is approximately $17395.40 or $32395.40 in total.