For the investment with interest compounded annually, find the final balance using the formula a = p(1 + r)t. $35,000 for 20 years at 2.3% $51,100 $55,154.47 $20,154.47 $16,100

To solve for this question using the formula, plug in your known values where r is the rate (2.3%), P is the principal amount ($35,000), and t is the time in years. However, keep in mind when you plug the percent rate into the formula, you must first convert it to a decimal which would be 0.023. Now that you have this, plug your values into the equation:
A=35,000(1+0.023)^20
When simplified, you should get a result of about $55,154.47 or the second answer choice.