In this question , we have to use the formula of simple interest and find the interest first.
[tex] I = P R T [/tex]
P is the principal which is $290.
R is the rate of interest which is 6 % or 0.06
And T is the time period which is 15 years .
Substituting the values of P ,R and T, we will get
[tex] I = 290* 0.06*15 = 261 [/tex]
And amount after 15 years = Prinipal + interest
That is
[tex] Amount = 290+261= $551 [/tex]
Answer:
A = $ 695.00
Step-by-step explanation:
given,
person invests money = $290
interest rate = 6 %
time for which the investment is done = 15 years.
using compound interest formula
[tex]A =P \times (1+\dfrac{r}{100})^t[/tex]
[tex]A= 290 \times (1+\dfrac{6}{100})^{15}[/tex]
A = $ 695.00
Hence, the approximate value after investment for 15 years comes out to be
A = $ 695.00
