The amount that would be accumulated at the end of 3 years is $1,837.56, in the end of 6 years is $2251.10 and the end of the year 9 years is $2757.69.
What is compound interest?
Compound interest refers to the Interest on interest. It is interest calculated on the basis of the principal amount in which the interest rate is added every year. The interest rate is different is every year.
In the above case, the principle amount is $1500 which is compounded annually at the rate of 7%. For calculating future value following formula are as follows:-
Future value = P (1 + r)^n
Here P = principle
R = Rate
N = Time
Thus the accumulated amount for 3 years = 1500 x (1.07)^3
= $1,837.56
Thus the accumulated amount for 6 years = 1500 x (1.07)^6
= $2251.10
Thus the accumulated amount for 9 years = 1500 x (1.07)^3
= $2757.69
Learn more about Compound interest here:
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