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ALGEBRA

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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

  • ALGEBRA -

    P = Po(1+r)^n.

    r = 21.75% / 100% = 0.2175 = Annual %
    rate expressed as a decimal.

    n = 1Comp./yr * 15yrs = 15 Compounding
    periods.

    P = 696(1.2175)^15 = $13,305.14.

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