Answer:
$21,812.10
Step-by-step explanation:
convert R as a percent to r as a decimal
r = R/100
r = 3.75/100
r = 0.0375 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 15,000.00(1 + 0.0375/12)(12)(10)
A = 15,000.00(1 + 0.003125)(120)
A = $21,812.11
The total amount accrued, principal plus interest, with compound interest on a principal of $15,000.00 at a rate of 3.75% per year compounded 12 times per year over 10 years is $21,812.11.
