7900 dollars is placed in an account with an annual interest rate of 5.5%. How much will be in the account after 11 years, to th

Question

3 years ago

8

e nearest cent?

2 answers:

Lady bird [3.3K] · Answer 1 · 2022-01-28T06:51:47+03:00

Answer:

$\$12,679.50$

Step-by-step explanation:

we know that

The simple interest formula is equal to

$A=P(1+rt)$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest

t is Number of Time Periods

in this problem we have

$t=11\ years\\ P=\$7,900\\r=5.5\%=5.5/100=0.055$

substitute in the formula above

$A=7,900(1+0.055*11)$

$A=7,900(1.605)$

$A=\$12,679.50$

Troyanec [42] · Answer 2 · 2022-01-28T08:52:37+03:00

3 0

Answer: the answer is 14236.53