Question

Need HELPPP ASAP PLEASE

Answer 1

$224.42

Explanation:

P is the principal balance

r is the interest rate (as a decimal)

n is the number of times interest is compounded per year

t is the number of years

Input all of this into the equation you have.

`A=P(1+(r)/(n) )^(nt)`

`A=160(1+(.07)/(1))^(1(5))`

Do the math.

`A=160(1+.07)^(5)`

`A=160(1.07)^(5)`

`A=160(1.403)`

`A=224.418`