$15000.00 is invested at a simple interest rate of 4.8% annual interest. Find the future value of this $15000.00 after 10 years.

Question

 I need to find the future value of $1500.00 after 10 years.

Answer 1

Simply take the principle $15,000.00 and multiple it by 4.8% = 0.048, then multiply that by 10 (for number of years). That will give you the simple interest. Then simply add that interest onto the principle $15,000.00.