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

Mathisfornerds
Mar 11, 2018

#1**0 **

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**.

Guest Mar 11, 2018