Question

16. Find the balance in the account.
$2,550 at 3% compound interest for 18 months (1 point)
HINT: Use the compounded Interest Formula:
B = P( 1 + r )t
B is the final amount including the principal.
P is the principal amount (initial or starting amount).
r is the rate of interest per year (convert it to a decimal).
t is the number of years invested.

• $2,665.61
• $2,665.61
• $2,689.35

Answer 1

Fv=p(1+r)^n
FV=2550(1+0.03)^1.5=$2665.61

Answer 2

Thank you so much!