Answer: Worth of their investment after 15 years becomes $52693.6.
Step-by-step explanation:
Since we have given that
Value of gold that his parents decide to invest (P) = $5000
Rate of increment in the value (r) = 17%
Number of years (n) = 15 years
As we know the formula for "Compound Interest":
[tex]A=P(1+\frac{r}{100})^n[/tex]
so, our equation becomes,
[tex]A=5000(1+\frac{17}{100})^{15}\\\\A=5000(1+0.17)^{15}\\\\A=5000(1.17)^{15}\\\\A=\$52693.6[/tex]
Hence, Worth of their investment after 15 years becomes $52693.6.
