Answer:
Amount after 15 years = $27,406.45 (Approx.)
Step-by-step explanation:
Given:
Amount invested p = $8,353
Rate r = 8% = 0.08/4 = 0.02 per year (4 times)
Number of interest compounded n = 15 year x 4 = 60 times
Find:
Amount after 15 years
Computation:
A = p[1+r]ⁿ
Amount after 15 years = 8,353[1+0.02]⁶⁰
Amount after 15 years = 8,353[1.02]⁶⁰
Amount after 15 years = $27,406.45 (Approx.)
