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A person receives a tax refund of $1,200 and decides to invest the money in...

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Finance

A person receives a tax refund of $1,200 and decides to invest the money in a bond fund. The expected return on the fund is 5% per year, compounded annually. If this person sticks with the investment for 15 years, how much will they have in 15 years?

For full credit type out the formula with the numbers properly placed. You do not have to type out every step, but show the first and last step. Do not round any numbers mid-calculation. Give your answer in dollars and cents (2 decimal places).

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