You deposit $4000 in an account that pays 9% interest compounded yearly.
Find the balance after 15 years.
I used this formula:
y = C(1 + r)^15
So I substitute:
y = (4000)(1 + .09)^15
y = (4000)(1.09)^15
Do I multiply the first two numbers before doing the power? Or do I do 1.09^15 first?