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Suppose your​ friend's parents invest $15,000 in an account paying 6% compounded annually. What will the balance be after 9 ​years? round to nearest cent

Answer :

Answer:

$25342.18

Step-by-step explanation:

Suppose my friend's parents invest $15000 in an account paying 6% compound interest which is compounded annually.

So, we have to calculate the balance that will become after 9 years i.e. the maturity amount after 9 years.

Now, using the formula of compound interest we get the sum as

[tex]S = 15000(1 + \frac{6}{100})^{9} = 25342.18[/tex] dollars (Approximate)

(Answer)

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