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6900 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 26 years, to the nearest cent?

Solution

6900 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 26 years, to the nearest cent?

Solution

Amount : 21700.5

Solution steps

Translate the problem into an equation:

A = 6900 (1 + 0.0825 \cdot 26)

6900 (1 + 0.0825 \cdot 26) = 21700.5

Amount : 21700.5

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