Answer:
$8,985.17
Explanation:
We assume that there are 365 days in a year and that 1.2% interest rate is the annual rate.
N = 15 years x 365 days/year = 5475
r = 1.2% / 365 = 0.0033%
PV = $7,500
FV = ? We have to calculate the Future value
FV = PV [tex](1 + r)^{N}[/tex]
FV = 7500 [tex](1+0.000033)^{5475}[/tex] = $8,985.17
