Suppose your parents deposited $1500 in an account paying 6.5% interest compounded annually when you were born. Find the account balance after 18 years.

The account balance after 18 years is $4,659.98

The formula for calculating the compound interest is expressed as:

A = P(1+r)^n

P is the amount deposited = $1500

Rate = 6.5% = 0.065

compounding time = 1

time in years = 18 years

Substitute the given parameters into the formula;

A = 1500(1+0.065)^18

A = 1500(1.065)^18

A = $4,659.98

Hence the account balance after 18 years is $4,659.98

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no, because the sides are not congruent