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Sagot :
The amount of the investment at maturity is $2443.341
Compound interest is the interest on the initial principal plus the interest which has been accumulated.
Given,
Principal amount (P)= $1500
Rate of interest(R)= 5% = 5/100 = 0.05%
Time(T)= 10 years
The formula for annual compound interest is as follows:
FV = P (1+ r/m)^mt
Where:
FV - the future value of the investment, in our calculator it is the final balance
P - the initial balance (the value of the investment)
r - the annual interest rate (in decimal)
m - the number of times the interest is compounded per year (compounding frequency)
t - the number of years the money is invested for
FV = 1500*(1+0.05/1)^(10*1) = 2443.341
The value of the investment after 10 years will be $2443.341.
To know more about compound interest visit: brainly.com/question/14295570
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