Daniel can earn $7510 interest he get after 15 years of investment.
What is compound interest?
Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on principal plus interest.
Here, principal = $80,000
Time = 15 years
Rate of Interest = 0.6% compounded annually
We know that,
[tex]A = P(1+i)^n[/tex]
[tex]A = 80000(1 + 0.006)^{15}[/tex]
[tex]A = 80000 X 1.006^{15}[/tex]
A = 80000 X 1.094
A = 87,510.41
Interest = Amount - Principal
= 87510 - 80000
= $ 7,510
Thus, Daniel can earn $7510 interest he get after 15 years of investment.
Learn more about Compound Interest from:
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