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Posted by on Sunday, April 29, 2012 at 9:43pm.

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.)

  • ALGEBRA - , Monday, April 30, 2012 at 10:02am

    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

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