Anisha invested $8,000 in an account that earns 10% interest How much money will she have in 15 years of the interest is compound quarterly

Question

Mathematics

Donavan Jefferson

27 February, 17:47

Anisha invested $8,000 in an account that earns 10% interest How much money will she have in 15 years of the interest is compound quarterly

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Answers (1)

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Aaron Arellano · Answer 1

Here's the equation for one year:

0.1 (8000) + 8000

But because it is 15 years:

15 (0.1 (8000)) + 8000

1.5 (8000) + 8000

We can make it simpler:

2.5 (8000)

Multiply:

20,000

Anisha will have $20,000