Math

Angela invests $2,550 at 3% interest compounded annually. What will be the balance in the account after 1.5 years?

A. $2,626.50
B. $2,664.75
C. $2,665.61
D. $4,792.50

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  1. What do you think the answer is?

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  2. Bal=P(1+r)^y where Bal is your balance, P is your principal, r is the interest rate per year, and y is the number of years. So:
    Bal=2550(1.03)^1.5
    Bal=$2665.61 ☺☺☺☺

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