9000 dollars Is places in an account with an annual interest rate of 7.75%. How much will be in the account after 18 years, to t
he nearest cent?
1 answer:
Answer: $21555
Step-by-step explanation:
First, we need to know the interest generated on the money saved. This will be:
= Principal × Rate × Time
= $9000 × 7.75% × 18
= $12555
The amount in the account after 18 years will then be:
= Principal + Interest
= $9000 + $12555
= $21555
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