ALGEBRA

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If $540 is invested in an account that earns 19.75%, compounded annually, what will the account balance be after 12 years? (Round your answer to the nearest cent.)
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  • ALGEBRA -

    P = Po(1+r)^n.

    r = 19.75% / 100% = 0.1975 = APR exprssed as a decimal.
    n = 1Comp/yr * 12yrs. = 12 Compounding
    periods.

    P = 540(1.1975)^12 = $4695.70

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