Question

7. Use the​ compound-interest formula to find the account balance A with the given​ conditions, where P=​principal, r=interest ​rate, n=number of compounding periods per​ year, t=​time, in​ years, and A=account balance.

Answer 1

$173,954.01

Explanation:

Finding compound interest :

• A = (150,000)(1 + 0.025)⁶
• A = (150,000)(1.025)⁶
• A = (150,000)(1.15969342)
• A = $173,954.01