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You receive $1,000 to put in the bank. You place it in an account that pays 4% annual interest compounded continuously. How much will you have in 15 years? Round the answer to the nearest dollar.

Respuesta :

(1.04^15)(1000)= $1,800.94

After 15 years, I will get $1801.

What is compound interest?

Compound interest is a type of interest where the principal is added with the interest after every single period. For the next period, interest is also added with the principal and then the interest is calculated.

Given, I receive $1000 to put in the bank and the bank has a compound interest of 45.

After 15 years, this amount will be = $ [(1000(1 + 4/100)¹⁵] = $1800.94 ≈ $1801.

Learn more about compound interest here: https://brainly.com/question/11304126

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