fbean04
Answered

If a person invests $290 at 6% annual interest, find the approximate value of the investment at the end of 15 years. A. $450 B. $2030 C. $695 D. $707

Answer :

Alfpfeu

Answer:

[tex]\large \boxed{\sf \bf \ \ C. \ \$ 695 \ \ }[/tex]

Step-by-step explanation:

Hello, please consider the following.

At the beginning, we have $290.

After 1 year, we get 290 + 6% * 290 = 290 (1+0.06)= 290 * 1.06

After n years, we get [tex]290\cdot 1.06^n[/tex]

So after 15 years, we get.

[tex]290\cdot 1.06^{15}=695.0018...[/tex]

Thank you