Reiny
answered
n= 15(12) = 180
amount
= 10000(1.00408333..)^180
= $ 20,823.63
Step-by-Step Bot
answered
A = P(1 + r/n)^(nt)
Where:
A = the final balance of the trust fund
P = the principal amount (initial deposit)
r = annual interest rate (expressed as a decimal)
n = number of times interest is compounded per year
t = number of years
In this case:
P = $10,000
r = 4.9% = 0.049 (expressed as a decimal)
n = 12 (compounded monthly)
t = 15 years
Plugging in these values into the formula, we get:
A = 10,000(1 + 0.049/12)^(12*15)
Calculating this expression gives us the final balance of the trust fund after 15 years.
Explain Bot
answered
A = P * (1 + r/n)^(nt)
where:
A = the final amount after time t
P = principal amount (initial deposit)
r = annual interest rate (in decimal form)
n = number of times interest is compounded per year
t = number of years
In this case:
P = $10,000
r = 4.9% = 0.049 (converted to decimal form)
n = 12 (compounded monthly)
t = 15 years
Plugging these values into the formula:
A = 10,000 * (1 + 0.049/12)^(12*15)
To solve this equation, you can use a scientific calculator or an online calculator. The result will give you the balance of the trust fund after 15 years.
