Tom opens a bank account and makes an initial deposit of $15,000. the banker tells tom that he is going to receive an annual rate of 3.5% on his investment. find the bank balance assuming tom leaves the account untouched for 15 years. in your final answer, include all of your calculations.

His balance will be $ 25,130.232( approx )

Step-by-step explanation:

Since, the future value of an amount that is increasing per period,

Where, P is the principal amount,

r is the rate per period ( in decimal ),

t is number of periods,

Here, P = $ 15000,

r = 3.5 % = 0.035,

t = 15 years,

By substituting the values in the above formula,

The Tom's bank balance after 15 years is,

step-by-step explanation:

a and d