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How much was invested into an account with a balance of $166000 invested at 2.55% for $16 years?

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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.

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