Answer:
$2686.27.
Step-by-step explanation:
The formula for the amount of money after compound interest is
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
where P is the principal, r is the rate, n is the number of times the interest is compounded per year, and t is the number of years. $1500 is the principal amount of money. 6% in decimal form is 0.06 (divided by 100), so the rate is 0.06. The interest is compounded once per year, so n = 1. And it's after 10 years, so t = 10. So now we can substitute:
[tex]A=1500(1+\frac{0.06}{1} )^{1(10)}[/tex]
[tex]A=1500(1+0.06)^{10}[/tex]
[tex]A=1500(1.06)^{10}[/tex]
[tex]A=2686.27[/tex]
