Show Examples4400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 29 years, to the nearest cent?

Solution

Solution

Amount : 14927

Solution steps

Translate the problem into an equation:

A = 4400 (1 + 0.0825 \cdot 29)

4400 (1 + 0.0825 \cdot 29) = 14927

Amount : 14927

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