SOLUTION: If 48$ is invested in an account that compounds interest annually at 16.7% what would the balance be in 5 years rounded to the nearest cent ?
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Question 1028679: If 48$ is invested in an account that compounds interest annually at 16.7% what would the balance be in 5 years rounded to the nearest cent ? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! If 48$ is invested in an account that compounds interest annually at 16.7% what would the balance be in 5 years rounded to the nearest cent ?
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A(t) = P(1+(r/n))^(n*t)
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A(5) = 48*(1+0.167)^(1*5) = $103.90
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Cheers,
Stan H.
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