8. Use the compound-interest formula to find the account balance A, where P is principal, r is interest rate, n is number of compounding periods per year, t is time, in years, and A is account balance.
![8 Use the compoundinterest formula to find the account balance A where P is principal r is interest rate n is number of compounding periods per year t is time i class=](https://us-static.z-dn.net/files/df1/151fd44ff0321155d061cf10f27e3b7e.png)
Answer:
Step-by-step explanation:
[tex]P = 56,150(1 + \frac{0.095}{4})^{ 4(2.5)[/tex]
≈ $71005