annekesimonsen
20.07.2020 •
Business
Workers who get to be a part of effective teams are likely to have
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Ответ:
Value of investment after 15 years will be $159,405.62
(or) $159,405 (rounded off)
Explanation:
value of retirement account after 15 years
Given information's are
His monthly savings = $500
Interest rate = 7%
Period = 15 years
Value of investment = ((P×(1+i)^n) + P),
where P is the principal,
i is the annual interest rate, and
n is the number of periods
Total investment = $500×12×15 = 90,000
Interest earned
= ((P×(1+i)^n) + P) = (6000 × (1-0.07)15) - 6000) = $69,405.62
Value of investment = (6000 × (1-0.07)15) + 6000) = $159,405.62