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Find the amount of interest earned on $5,000 at 15% compounded annually for 10 years. (Round your answer to the nearest dollar.)

 Mar 11, 2018
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Find the amount of interest earned on $5,000 at 15% compounded annually for 10 years. (Round your answer to the nearest dollar.)

 

FV =$5,000 x [1 + 0.15]^10

FV =$5,000 x    1.15^10

FV =$5,000 x    4.04555773570791015625

FV =$20,227.79 - $5,000 =$15,228 - total interest earned @15% comp. annually for 10 years.

 Mar 11, 2018

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