Given that $500 is compounded at the rate of 8.2% for 15 years, the future value will be given by:
A=P(1+r/100)^n
where:
A=future amount
P=principle=$500
r=rate=8.2%
n=time=15 years
thus plugging in the values in our formula we get:
A=500(1+8.2/100)^15
A=500(1.082)^15
A=1,630.72
The amount after 15 years will be $1630.72
