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9000 dollars is placed in an account with an annual interest rate of 7.75%. How much will be in the account after 18 years, to the nearest cent?

Solution

9000 dollars is placed in an account with an annual interest rate of 7.75%. How much will be in the account after 18 years, to the nearest cent?

Solution

Amount : 21555

Solution steps

Translate the problem into an equation:

A = 9000 (1 + 0.0775 \cdot 18)

9000 (1 + 0.0775 \cdot 18) = 21555

Amount : 21555

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