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Suppose that 15 years ago, a benefactor (grandparent, relative, fairy godmother...) set up an account for your education. This benefactor made a single deposit of $75,000 USD that has been earning 3% interest compounded monthly. Since the deposit 15 years ago, no money has been deposited or withdrawn from the account. How much money does your account now have?

Show the working you used to determine your answer​

Respuesta :

adioabiola

Answer:

$117,555

Explanation:

A = P(1 + r/n)^nt

Where,

A = future value

P = principal = $75,000

r = interest rate = 3% = 0.03

n = number of periods = 12

t = time = 15 years

A = P(1 + r/n)^nt

= 75,000(1 + 0.03/12)^12*15

= 75,000(1 + 0.0025)^180

= 75,000(1.0025)^180

= 75,000(1.5674)

= 117,555

A = $117,555

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