Given that $500 is compounded at the rate of 8.2% for 15 years, the future value will be given by: A=P(1+r/100)^n where: A=future amount P=principle=$500 r=rate=8.2% n=time=15 years thus plugging in the values in our formula we get:
A=500(1+8.2/100)^15 A=500(1.082)^15 A=1,630.72 The amount after 15 years will be $1630.72
