Question

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

Answer 1

Explanation:

`P = 56,150(1 + (0.095)/(4))^{ 4(2.5)`

≈ $71005