Natalie opened a savings account and deposited $100.00 as principal. The account earns 15% interest, compounded annually. What is the balance after 7 years?
Use the formula A = P(1 +
where A is the balance (final amount), P is the principal
(starting amount), r is the interest rate expressed as a decimal, n is the number of times per
year that the interest is compounded, and t is the time in years.
+ )"
Round your answer to the nearest cent.