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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