Question

How much would $140 invested at 6% interest compounded annually be worth after 15 years? Round your answer to the nearest cent.

Answer 1

You know the formula for compound interest?

Answer 2

It's
\[k \left( 1+i \right)^{t}\]
Where k is the initial investment
i is the rate of interest
t is how many time periods pass (in this case, years)

Answer 3

alright so it would be 140(1+.06)^15 which would be 335.52 right

Answer 4

thank you it got me the right answer ad now i know how to do those problems :)

Answer 5

That seems about right :)