Answer:
$248.03
Step-by-step explanation:
The formula you use for this is as follows:
[tex]A(t)=P(1+\frac{r}{n})^{nt}[/tex]
where A(t) is the amount after the compounding is done, P is the initial amount invested, r is the interest rate in decimal form, n is the number of times the compounding is done per year, and t is the time in years. Using that information and filling in our equation gives us this:
[tex]A(t)=75(1+\frac{.08}{12})^{(12)(15)}[/tex]
which simplifies down to
[tex]A(t)=75(1+.0066667)^{180}[/tex]
which simplifies further to
[tex]A(t)=75(3.307118585)[/tex]
which multiplies to $248.0338938. Round to the nearest cent to get your answer.
