It takes 10 years for a $100 monthly bank deposit to amount to $15,528.23 when invested at 5% interest compounded monthly. Round to the nearest place value, then express the amount $15,528.23

1 answer

To round the amount $15,528.23 to the nearest place value, we need to determine which digit is in the position we want to round to:

  1. Rounding to the nearest thousand: The thousands place is 5 (in 15,528) and the digit to the right is 5. Since 5 is equal to or greater than 5, we round up. Therefore, 15,528 becomes 16,000 when rounded to the nearest thousand.

  2. Rounding to the nearest hundred: The hundreds place is 5 (in 15,528) and the digit to the right is 2. Since 2 is less than 5, we do not round up. Therefore, 15,528 becomes 15,500 when rounded to the nearest hundred.

  3. Rounding to the nearest ten: The tens place is 2 (in 15,528) and the digit to the right is 8. Since 8 is greater than 5, we round up. Therefore, 15,528 becomes 15,530 when rounded to the nearest ten.

  4. Rounding to the nearest whole number: The whole number is 15,528 and we look at the decimal which is .23. Since .23 is less than .5, we do not round up. Thus, 15,528 remains 15,528 when rounded to the nearest whole number.

In summary, here is the rounded value of $15,528.23:

  • Nearest thousand: 16,000
  • Nearest hundred: 15,500
  • Nearest ten: 15,530
  • Nearest whole number: 15,528

All these values express $15,528.23 rounded to various place values.