Answer :
Answer:
p=$15000
R=15%
t=5years
compound amount CI=?
Step-by-step explanation:
we have
- CI=p(1+R/100)^t=$15000(1+15/100)^5=$15000×1/15^5=$30170.35
The total amount of $15,000 at 15% compounded annually for 5 years will be $30,170.36 so option (B) is correct.
What is compound interest?
Compound interest is applicable when there will be a change in principle amount after the given time period.
The rate at which compound interest accrues depends on the frequency of compounding.
For instance, if you offer someone $500 at a rate of 10% annually, $500 will be considered your principal sum. After a year, the interest will be $50, making the principle amount $550. Moving forward, the interest will be $550 rather than $500.
Given
Principle amount = $15000
Rate of interest = 15%
The time period T = 5 years.
Compound interest formula
A = P [tex][ 1 + R/100 ]^{T}[/tex]
A = 15000 [tex][ 1 + 15/100 ]^{5}[/tex]
A = $30,170.36 hence, the total amount after 5 year will be $30,170.36.
For more information about compound interest
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