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Debora [2.8K]
2 years ago
15

67000 dollars is placed in an account with an annual interest rate of 8.25%. how much will be in the account after 28 years, to

the nearest cent?
Mathematics
1 answer:
anastassius [24]2 years ago
5 0

Answer:

The Amount of money in the account after 28 years is $616,674.5

Step-by-step explanation:

Given as :

The principal amount placed in the account = p = $67,000

The rate of interest = r = 8.25%

The time period of amount in the account = t = 28

Let the Amount of money in the account = $A

Now<u>, From Compound Interest method</u>

Amount = Principal × (1+\dfrac{\textrm rate}{100})^{\textrm time}

A = p × (1+\dfrac{\textrm r}{100})^{\textrm t}

Or, A = $67,000 × (1+\dfrac{\textrm 8.25}{100})^{\textrm 28}

Or, A = $67,000 × (1.0825)^{28}

Or, A = $67,000 × 9.2041

∴ A = $616,674.7

So, The Amount of money in the account = A = $616,674.5

Hence, The Amount of money in the account after 28 years is $616,674.5  Answer

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