Answer:
$8,711.99
Step-by-step explanation:
The formula for calculating the compound interest in expressed as;
A =P(1+r/n)^nt
Principal P = $4000
r is the rate = 7.2% = 0.072
t is the time = 15years
n = 1/12
Substitute
A = 4000(1+0.072(1/12))^15/12
A = 4000(1+0.072(12))^1.25
A = 4000(1+0.864)^1.25
A = 4000(1.864)^1.25
A = 4000(2.1779)
A = 8,711.99
Hence the final investment after 15years is $8,711.99
