Question

Alexander invested $320 in an account paying an interest rate of 1.5% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 18 years?

Answer 1

Answer:400

Step-by-step explanation:p=30 r=0.015 t=18

Answer 2

The amount that should after 18 years is $418

Given that,

• Alexander invested $320 in an account paying an interest rate of 1.5% compounded annually.

calculation:

$= \ 320 \times (1 + 1.5\%)^{18}$

= 418

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