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23 November, 15:27

Suppose your friends parents invest $15,000 in an account paying 4% annually. What will the balance be after 9 years?

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  1. 23 November, 19:04
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    Here's the equation for one year:

    0.04 (15000) + 15000

    Because it is 9 years:

    0.36 (15000) + 15000

    We can make it simpler:

    1.36 (15000)

    Multiply:

    20400

    Their balance is $20400
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