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If 15000$ are deposited into an account with a 7% interest rate,compounded quarterly, what is the balance after 15 years

If 15000$ are deposited into an account with a 7% interest rate,compounded quarterly, what is the balance after 15 years
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1 vote
If 15000$ are deposited into an account with a 7% interest rate,compounded quarterly, what is the balance after 15 years

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User Jesusverma
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8.8k points

1 Answer

5 votes

Answer:


15000 {(1 + (.07)/(4) )}^(15 * 4) = 42477.24

The balance is $42,477.24.

answered
User Carey Gregory
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8.0k points
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