If you deposit $15,000 today and earn 8% annual interest, how much will you have in 9 years?

Problem assignment: time value of money

If you deposit $15,000 today and earn 8% annual interest, then in 9 years you will have a total of $23,527.83. This is calculated by taking the initial deposit amount ($15,000) and multiplying it by 1.08^9 which gives us a total of $23,527.83 when including compounding interest for each year over the 9 year period.