Final answer:
To calculate James' balance after 15 years in an account with 4.8% interest compounded annually, use the formula A = P(1 + r/n)^(nt). Plugging in the values, James' balance will be approximately ${{650 * Math.pow(1.048,15)}}.
Step-by-step explanation:
To calculate the balance of James' account after 15 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where A is the balance, P is the principal (initial amount), r is the interest rate, n is the number of times interest is compounded per year, and t is the number of years.
In this case, James initially deposited $650, the interest rate is 4.8% (or 0.048 as a decimal), and the interest is compounded annually (n = 1). Plugging these values into the formula:
A = 650(1 + 0.048/1)^(1*15)
Simplifying the equation:
A = 650(1.048)^15
Calculating the value, we find:
A ≈ ${{650 * Math.pow(1.048,15)}}
Therefore, James' balance after 15 years will be approximately ${{650 * Math.pow(1.048,15)}}.