Question

If a trust fund amount to#57,000 was invested five years ago at 15 percent compounded annually.find the amount in the fund now

Answer 1

$A=P(1 +\frac {r} {100}) ^{n}$

$A=57,000(1 +0.15)^5$

$A=57,000(1.15) ^5$

$A=57,000×2.01$

$A=\$114,570$