Caiden's balance after 5 years would be $831
Explanation:
Given:
Principal, p = $475
Rate of interest = 3.8%
time, t = 15 years
Balance after 15 years = ?
We know:
[tex]Amount, A = P(1+\frac{r}{n})^n^t[/tex]
where,
n = number of compounding periods
r = rate of interest
t = number of years
Substituting the value;
[tex]A = 475(1+\frac{3.8}{100} )^1^5\\\\A = 831[/tex]
Therefore, Caiden's balance after 5 years would be $831
