posted by Monic 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 c
P = Po(1+r)^n.
r = 21.75% / 100% = 0.2175 = Annual %
rate expressed as a decimal.
n = 1Comp./yr * 15yrs = 15 Compounding
P = 696(1.2175)^15 = $13,305.14.