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 t

Question

faust18 [17]

4 years ago

11

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 t

he nearest cent?

Mathematics

2 answers:

frozen [14] · Answer 1 · 2022-01-13T22:06:38+03:00

frozen [14]4 years ago

6 0

Answer:25,169.04

Step-by-step explanation:

Ulleksa [173] · Answer 2 · 2022-01-13T20:26:33+03:00

Ulleksa [173]4 years ago

3 0

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

and surely you know how much that is.