Answer:
A. $343.57
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
P = initial balance
r = interest rate
n = number of times compounded annually
t = time
First, change 6% into the decimal form:
6% -> [tex]\frac{6}{100}[/tex] -> 0.06
Now plug in the values into the equation:
[tex]A=140(1+\frac{0.06}{12})^{(12)15}[/tex]
[tex]A=343.57[/tex]
Your answer is A. $343.57
