Answer:
$1,257.63
Step-by-step explanation:
A= p(1+r/n)^nt
P = principal = $847
r= interest rate = 2.2%
n= 360 per year
t= 18 years
A= p(1+r/n)^nt
= 847(1+0.022/360)^360*18
= 847(1+0.000061)^6,480
= 847(1.000061)^6,480
=847(1.4848)
= $1,257.63
Total balance in 18 years = $1,257.63
