Assume compounding once per year. Then A = P(1+r)^t, where r is the annual interest rate as a decimal fraction and t is the number of years.
Then A = Value after 15 years = $250(1+0.09)^15 = $910.62
The value of the investment at the end of 15 years is $910.62
The formula to use in solving the question will be:
A = P(1+r)ⁿ
where,
A = Amount
P = Principal = $250
r = rate = 9%
n= number of years = 15
Putting the values into the formula will give:
A = P × (1+r)ⁿ
A = $250 × (1 + 9%)¹⁵
A= $250 × (1 + 0.09)¹⁵
A = $250 × 1.09¹⁵
A = $910.62
In conclusion, the value of the investment at the end of 15 years will be $910.62
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