Answer:
$20,086.35
Step-by-step explanation:
To calculate the maturity value by compound interest, we will use the formula
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
where,
A = Maturity amount
P = Principal amount = $10,000
r = rate of interest = 4.65% = 0.0465
n = number of compounding periods = 365
t = time in years = 15 years
Now substituting the values,
[tex]A=10,000(1+\frac{0.0465}{365})^{(365)(15)}[/tex]
= [tex]10,000(1+0.000127)^{(365)(15)}[/tex]
[tex]=10,000(1.000127^{5475})[/tex]
= 10,000(2.008635)
= 20086.353758 ≈ $20,086.35
The final value of your investment would be $20,086.35.
