Answer:
$6725
Step-by-step explanation:
Given data
Princiapal= $5000
Rate=2.3%
Time= 15years
The function that will model this situation is given as
A=P(1+rt)
The above function is a simple interest function
Substitute our data we can find the amount A
A=5000(1+0.023*15)
A= 5000(1+0.345)
A=5000(1.345)
A=5000*1.345
A=$6725
Hence the value of the investment after 15 years is $6725
