Math Problem Statement

Use the compound interest formula to compute the balance in the following account after the stated period of​ time, assuming interest is compounded annually. ​$15 comma 000 invested at an APR of 3.9​% for 17 years.

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth

Formulas

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

Theorems

Compound Interest Theorem

Suitable Grade Level

Grades 10-12