SOLUTION: The amount of money, A, accrued at the end of n years when a certain amount, P, is invested at a compound annual rate, r, is given by A=P(1+r) n . If a person invests $110 in an a

Question 1004871: The amount of money, A, accrued at the end of n years when a certain amount, P, is invested at a
compound annual rate, r, is given by A=P(1+r) n . If a person invests $110 in an account that pays 5% interest compounded annually, find the balance after 15 years.
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
The compound interest formula is given by
A=P(1+r)^n
Now just plug the facts in and get
A = 110(1 + .05)^15 = 110(2.079) = $228.68
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