Answer: 193,272 penny
Step-by-step explanation:
The formula for calculating the amount could be used , that is
A = P ( [tex]1+ r)^{n}[/tex]
A = unknown
p = $1600
r = 6.5%
n = 3 years
Substituting into the formula , we have
A = 1600 ( [tex]1+ 0.065)^{3}[/tex]
A = 1600 ([tex]1.065)^{3}[/tex]
A = 1600 ( 1.207949625
A = $ 1932.7197
converting the amount to penny , we will multiply the answer by 100 since 100 penny = 41 , which will give
193,271.94 penny , to the nearest penny we have : 193,272 penny
