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Given:
Principal value = $8,008
Rate of interest = 2% compounded 6 times per year.
Time = 16 years
To find:
The account balance after 16 years.
Solution:
The formula for amount is:
Where, P is principal, r is the rate of interest, n is the number of times interest compounded in an year and t is the number of years.
Putting in the above formula, we get
Therefore, the account balance after 16 years is $11022.17.