Principal Amount = P = $250
Interest Rate = r = 9% = 0.09
Time in years = t = 15 years
Value of investment = A = ?
The formula to calculate the value on investment as a result of annual interest is:
[tex] A=P(1+r)^{t} [/tex]
Using the values in the above formula, we get:
[tex] A=250(1+0.09)^{15}\\ \\
A=\$ 910.62 [/tex]
Thus, at the end of 15 years the value of the investment will be $ 910.62.
