The formula for the compound interest is,
[tex]A=P(1+\frac{r}{100})^t[/tex]Determine the value for A = 14600, P = 7300 and t = 14 years.
[tex]\begin{gathered} 14600=7300(1+\frac{r}{100})^{14} \\ 1+\frac{r}{100}=2^{\frac{1}{14}} \end{gathered}[/tex]Determine the amount after 15 years.
[tex]\begin{gathered} A=7300(1+\frac{r}{100})^{15} \\ =7300\cdot(2^{\frac{1}{14}})^{15} \\ =7300\cdot2.10151 \\ \approx15341 \end{gathered}[/tex]So amount of money after 15 years is 15341.
