PLease show full solution for $15000 at 15 compounded annually for 5 years
Shiv Answered question May 5, 2023
Formula for compound interest calculation is as follows.
A = p(1+r)^n
Where
A= Compounded amount after n year = ?
p = Principal amount invested = 15000
r = compounding interest rate = 15%
n = investment period = 5 year
A = 15000(1+15%)^5 = 15000*1.15^5 = 30170
$15000 will become 30170 at 15% in 5 years time
you can use this compounding interest calculator
Shiv Edited answer May 5, 2023
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