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19 September, 12:18

If a person invests $250 at 9% annual interest, find the approximate value of the investment at the end of 15 years.

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  1. 19 September, 15:29
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    Assume compounding once per year. Then A = P (1+r) ^t, where r is the annual interest rate as a decimal fraction and t is the number of years.

    Then A = Value after 15 years = $250 (1+0.09) ^15 = $910.62
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