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2200 dollars is placed in an account with an annual interest rate of 7.25%. How much will be in the account after 29 years, to the nearest cent?

Solution

2200 dollars is placed in an account with an annual interest rate of 7.25%. How much will be in the account after 29 years, to the nearest cent?

Solution

Amount : 6825.5

Solution steps

Translate the problem into an equation:

A = 2200 (1 + 0.0725 \cdot 29)

2200 (1 + 0.0725 \cdot 29) = 6825.5

Amount : 6825.5

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