Alexander invested $320 in an account paying an interest rate of 1.5% compounded annually. Assuming no deposits or withdrawals a

Question

3 years ago

5

re made, how much money, to the nearest hundred dollars, would be in the account after 18 years?

1 answer:

grin007 [14] · Answer 1 · 2022-09-04T15:16:28+03:00

8 0

Answer:

$406.40

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 1.5%/100 = 0.015 per year.

Solving our equation:

A = 320(1 + (0.015 × 18)) = 406.4

A = $406.40