Leslie masala, who recently sold her Porsche, place 10,000 in a savings account pain and annual compound interest of 6%.
Calculate the amount of money that will accumulate if Leslie leave the money in the bank for one, five, and 15 years
Apply this formula and get the ansers, P = Principal, r = rate of interest (6%), t = tenure.
Amount = P(1 + r/n)^nt
For 1 year compounded annualy.............$10600
For 5 years compunded annualy ..............$13382.26
For 15 years compounded annualy...........$23965.58
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