You invest $892 at the end of each year in an investment with annual rate of return 6%. Then the investment worth after 15 year will be 14182.8 dollar
we know that
SI = prt
where
SI= simple interest
A= amount
P= principal
r= rate
t= number of year
according to the question
SI= 892* 0.06*1
= 53.52
A = 892+53.52
= 945.52
after 15 years amount will be
A= 945.52*15
= 14182.8
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