Question

You deposit $600 in an account earning 4% interest compounded annually. How much will you have in the account in 15 years? 

          You deposit $600 in an account earning 4% interest compounded annually. How much will you have in the account in 15 years?

Added by Luna B.

Probability with Applications in Engineering, Science, and Technology
Probability with Applications in Engineering, Science, and Technology
Matthew A. Carlton • Jay L. Devore 2nd Edition
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You deposit $600 in an account earning 4% interest compounded annually. How much will you have in the account in 15 years?
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Transcript

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00:01 Hey there, welcome to numeraid! we are asked to use the future value equation in order to find the amount of money you would have in your account after 15 years.
00:14 So we are given the interest and we are given the initial deposit here.
00:20 So our equation is going to be the future value equals the initial value, the already present value here, multiplied by 1 plus r raised to the nth...
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