Question

4400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 22 years, to the nearest cent?

Answer 1

Answer:25,169.04

Step-by-step explanation:

Answer 2

$\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \ 4400\\ r=rate\to 8.25\%\to \frac{8.25}{100}\to &0.0825\\ t=years\to &22 \end{cases} \\\\\\ A=4400(1+0.0825\cdot 22)$

and surely you know how much that is.