Chapter 17: Problem 17
A certain account pays 1.5 percent compound interest every 3 months. A person invested an initial amount and did not invest any more money in the account after that. If after exactly 5 years, the amount of money in the account was \(T\) dollars, which of the following is an expression for the original number of dollars invested in the account? A $$(1.015)^{4} T$$ B $$(1.015)^{15} T$$ C $$(1.015)^{20} T$$ D $$\frac{T}{(1.015)^{15}}$$ E $$\frac{T}{(1.015)^{20}}$$
Short Answer
Step by step solution
Key Concepts
These are the key concepts you need to understand to accurately answer the question.