Answer:
Kyle invested $15,000 in a savings account.
The interest rate is 5% per year.
After 10 years for monthly compounding, the amount of money Kyle has:
A = principal x (1 + rate/12)^(year x 12)
A = 15000 x (1 + (5/100)/12)^(10 x 12)
= 15000 x 1.004167^120
= 24705.1425$
Hope this helps!
:)
