$390 is the interest will Charlie’s initial investment earn over the 15-year period. The money does Charlie have after the 15 years is $715.
Step-by-step explanation:
Harlie invests $325 in an account.
- Principal, P = $325
- Interest rate, r = 8% ⇒ 0.08
- Number of years, t = 15
The formula to find the interest will Charlie’s initial investment earn over the 15-year period :
⇒ [tex]I = Prt[/tex]
⇒ [tex]325\times 0.08\times15[/tex]
⇒ [tex]390[/tex]
Therefore, $390 is the interest will Charlie’s initial investment earn over the 15-year period.
Money Charlie has after 15 years :
It is given by the formula,
⇒ Amount = Principal + Interest.
⇒ 325 + 390
⇒ 715 dollars.
∴ The money does Charlie have after the 15 years is $715.
