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Michelle deposites $500 in a Career Planning Scheme for her daughterand the money doubles every 3 years. What is the total amount after 15years?

Respuesta :

Money deposited=$500

Money double after 3 years

So, after 3 years amount will be,

[tex]\begin{gathered} A=2\times500 \\ =1000 \end{gathered}[/tex]

for 15 years,

[tex]\frac{15}{3}=5[/tex]

i.e. the amount will increse 5 times in 15 years.

The total amount after 15 years will be,

[tex]\begin{gathered} A=1000+1000+1000+1000+1000 \\ =5000 \end{gathered}[/tex]

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