mgbdub2004 mgbdub2004

09-03-2024
Mathematics

contestada

You invest $15,000 at 18% interest, compounded monthly, for 2 years. Use the compound interest formula to calculate the compound amount (in $) for your investment. (Round your answer to the nearest cent.)

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jimthompson5910 jimthompson5910

09-03-2024

Answer: 21442.54

Work Shown

A = P*(1 + r/n)^(n*t)

A = 15000*(1 + 0.18/12)^(12*2)

A = 21442.54217894 approximately

A = 21442.54

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