ALGEBRA
posted by Mike on .
If $695 is invested in an account that earns 21.75%, compounded annually, what will the account balance be after 15 years? (Round your answer to the nearest cent.)

r = 21.75%=0.2175
n = 1
t = 15
P = 695
A = P*(1+r/n)^n*t=695(1+0.2175/1)^15
A = $13305.14