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

Question

2 years ago

10

the nearest cent?.

2 answers:

lukranit [14] · Answer 1 · 2023-01-30T12:32:01+03:00

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.

T= 25 years

R= 8.25

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

= $24670.42

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OLEGan [10] · Answer 2 · 2023-01-30T10:23:19+03:00

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

<h3>How do you calculate the final Amount after 25 Years?</h3>

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.