Answer:
$3,231.63
Step-by-step explanation:
By the formula of compound interest ,
Amount finally = P[tex](1 + \frac{r}{n} )^{nt}[/tex]
Where P is the principal amount. Here , P = $1500
r = rate of interest = 5.25% = 0.0525
n = 1 (Since , Compounded annually)
t = time for which the amount is invested = 15 (years)
Thus, Putting values in the formula, we get
Amount finally = 1500[tex](1 + 0.0525)^{15}[/tex] = $3,231.63.
Thus, after 15 years , 3,231.63 dollars will be there in the bank.