Question

Angela invest $2550 at 3% interest rate compounded annually. What will the balance in the account be after 1.5 years?

A)$2,626,50
B)$2,664.75
C)$2,665.61
D)$4,792.50

Answer 1

p = 2550 r = .03 t = 1.5
i = 2550(.03)(1.5)
i = 114.75

2550 + 114.75 = 2664.75
B) $2664.75