If $695 is invested in an account that earns 21.75%, compounded annually, what will the account balance be after 15 years? (Round your answer to the nearest c

Answer 1

P = Po(1+r)^n.

r = 21.75% / 100% = 0.2175 = Annual %
rate expressed as a decimal.

n = 1Comp./yr * 15yrs = 15 Compounding
periods.

P = 696(1.2175)^15 = $13,305.14.