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LenKa [72]
3 years ago
5

3400 dollars is placed in an account with an annual interest rate of 7-5%. How much

Mathematics
2 answers:
Ierofanga [76]3 years ago
8 0

Answer:

$7,735

Step-by-step explanation:

Assuming simple interest, the following formula applies:

A = P (1 + rt)

where,

A = Final Amount (we are asked to find this)

P = Principal Amount (given as $3,400)

r = annual interest rate (given as 7.5% = 0.075)

t = time in years (given as 17 years)

Substitute these into the equation above:

A = P (1 + rt)

A = 3,400 [ 1 + (0.075)(17) ]

A = $7,735

miss Akunina [59]3 years ago
4 0

Answer:

$11,625.80

Step-by-step explanation:

The equation is 3400(1.075)^17

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