Final answer:
Approximately $278,930.49 was invested into the account
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 amount (balance)
- P is the principal amount (initial investment)
- r is the annual interest rate (expressed as a decimal)
- n is the number of times interest is compounded per year
- t is the time in years
Plugging in the values:
A = 166,000(1 + 0.0255/1)^(1*16)
A = 166,000(1.0255)^16
A ≈ $278,930.49
So, approximately $278,930.49 was invested into the account.