$15000 invested with a 7% for 6 years

Answer 1

If you invest $15,000 with a 7% interest rate for 6 years, here is how the calculation would look:

Principal amount = $15,000
Interest rate = 7%
Time period = 6 years

Interest earned = Principal amount x Interest rate x Time period
Interest earned = $15,000 x 0.07 x 6
Interest earned = $15,000 x 0.42
Interest earned = $6,300

Total amount after 6 years = Principal amount + Interest earned
Total amount = $15,000 + $6,300
Total amount = $21,300

Therefore, after 6 years, your $15,000 investment at a 7% interest rate would grow to $21,300.