Omar deposits $1,400 every year into an account earning an annual interest rate of 6.5% compounded annually. How much would he have in the account after 15 years, to the nearest dollar? Use the following formula to determine your answer. equalsA= the future value of the account after n periods
d, equalsd= the amount invested at the end of each period
i, equalsi= the interest rate per period
n, equalsn= the number of periods
A = d * [(1 + i)^n - 1] / i
A = 1400 * [(1 + 0.065)^15 - 1] / 0.065
A = 1400 * [(1.065)^15 - 1] / 0.065
A = 1400 * [2.759458 - 1] / 0.065
A = 1400 * 1.759458 / 0.065
A = 3782.2412
Therefore, Omar would have approximately $3,782 in the account after 15 years.