Based on the capital amount, the period of compounding, and the interest rate, the final value of the capital is $27,185.21.
What is the final value of the compounded capital?
First find the periodic rate:
= 24% / 12 months
= 2% per month
The number of periods is:
= 15 months + 15 days
= 15 + 15/30 days in a month
= 15.5 months
The final value is:
= Amount x (1 + rate) ^ number of periods
= 20,000 x ( 1 + 2%)¹⁵.⁵
= $27,185.21
Find out more on compounding amounts at https://brainly.com/question/24924853.
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