Mark invests $8,008 in a retirement account with a fixed annual interest rate of 2% compounded 6 times per year. What will the account balance be after 16 years? Please help i need the answer by tomorrow!

Given:

Principal value = $8,008

Rate of interest = 2% compounded 6 times per year.

Time = 16 years

To find:

The account balance after 16 years.

Solution:

The formula for amount is:

Where, P is principal, r is the rate of interest, n is the number of times interest compounded in an year and t is the number of years.

Putting in the above formula, we get

Therefore, the account balance after 16 years is $11022.17.

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step-by-step explanation: