Answer:
$91,749.04
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
P = initial balance
r = interest rate (decimal)
n = number of times compounded annually
t = time
First, change 2.3% into a decimal:
2.3% -> [tex]\frac{2.3}{100}[/tex] -> 0.023
Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:
[tex]A=65,000(1+\frac{0.023}{12})^{12(15)}[/tex]
[tex]A=91,749.04[/tex]
You will have $91,749.04 in 15 years.
