Mathematics, 05.03.2021 17:10 quantamagic
An investment of \displaystyle PP dollars is compounded \displaystyle nn-times per year at a constant annual interest rate of \displaystyle r\%r%. The amount of money \displaystyle A(t)A(t) that you have after investing for \displaystyle tt years is given by the equation
A(t) = P\left(1+\frac{r}{n}\right)^{nt}.
A(t)=P(1+
n
r
)
nt
.
How much money would you have after 18 years if you invested $15,000 at an annual interest rate of 4% where the interest is compounded monthly? Round to the nearest dollar.
Answers: 1
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An investment of \displaystyle PP dollars is compounded \displaystyle nn-times per year at a constan...
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