Final answer:
To find the amount invested into an account with a balance of $166,000 invested at 2.55% for 16 years, use the formula for compound interest. Final balance is ≈ $250,092.82
Step-by-step explanation:
To find out how much was invested into an account with a balance of $166,000 invested at 2.55% for 16 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
where A is the final balance, P is the principal amount, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.
Plugging in the values for this question, we have:
A = 166,000(1 + 0.0255/1)^(1*16)
A = 166,000(1.0255)^16
A ≈ $250,092.82