Michelle invested $10,000 in an account that earns 8.5% interest that is compounded monthly. Determine the amount of money in the account in 15 years

Given:

The principal value = $10,000

Rate of interest = 8.5% compounded monthly.

To find:

The amount of money in the account in 15 years.

Solution:

The formula for amount is:

Where, P is principal, r is the rate of interest in decimal, n is the number of times interest compounded in an year, t is the number of years.

Number of months in an year is 12. So, n=12.

Substitute in the above formula.

Therefore, the amount of money in the account in 15 years is $35626.53.

where is the triangle?

the least common denominator is 40