Answer:
Step-by-step explanation:
For this case we assume that we can use the compound interest formula given by:
Where:
A= represent the future value
P = represent the present value
r = the interest rate on fraction
n = number of time that the interest is effective in a year
So for this case we know the following info:
P = 2200$, r = 0.0725 , n =1 (since it's annual) and t =29. We want to find the value for A, so we just need to replace like this:
And that would be the amount after 29 years with the rate assumed.