Answer:
To calculate how much you will have in the account in 15 years with a $600 deposit earning 4% interest compounded annually, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A is the final amount
P is the principal amount (initial deposit)
r is the annual interest rate (expressed as a decimal)
n is the number of times that interest is compounded per year
t is the number of years
In this case, the principal amount is $600, the annual interest rate is 4% (or 0.04 as a decimal), interest is compounded annually (so n = 1), and the time period is 15 years.
Plugging in these values into the formula:
A = 600(1 + 0.04/1)^(1*15)
A = 600(1.04)^15
Calculating this using a calculator, the amount you will have in the account after 15 years will be approximately $941.70.
Therefore, after 15 years, you will have around $941.70 in the account.
Explanation:
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