Question

3400 dollars is placed in an account with an annual interest rate of 8. 25%. How much will be in the account after 25 years, to the nearest cent?.

Answer 1

The total amount in the account after 25 years is $24670.42.

How do you calculate the final Amount after 25 Years?

Given that 3400 dollars are placed in an account with an annual interest rate of 8.25% for 25 years.

• The total amount is to be calculated with the help of the formula,$A=P(1+\frac{R}{100})^{T}$

where A is the total final amount, P is the initial principal amount, R is the interest rate, T is the time period.

• Here, P = $ 3400

                  T= 25 years

                 R= 8.25

The total amount = $ $3400(1+\frac{8.25}{100} )^{25}$

                            = $24670.42

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Answer 2

The final amount in the account after 25 years is $24670.42.

How do you calculate the final Amount after 25 Years?

Given that 3400 dollars are placed in an account with an annual interest rate of 8.25% for 25 years.

The final amount in the account is calculated by the formula given below.

$A = P ( 1 + \dfrac {R}{100})^T$

Where A is the final amount, P is the initial principal balance, R is the interest rate, T is the time period.

The final amount is given below.

$A = 3400 ( 1 + \dfrac {8.25}{100})^{25}$

$A = 3400 (7.256005874)$

$A = 24670.41997= 24570.42$

Hence we can conclude that the final amount in the account after 25 years is $24670.42.

To know more about the compound interest, follow the link given below.

brainly.com/question/25857212.