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6700 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?

6700 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?
asked 134k views
12 votes
6700 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?

asked
User Vuwox
by
8.1k points

1 Answer

12 votes

Answer:

  • $22177

Explanation:

It is assumed a simple interest.

  • Deposit P = $6700
  • Interest rate r = 8.25% = 0.0825
  • Time t = 28 years
  • Final amount A = ?

Use simple interest formula:

  • A = P(1 + rt)
  • A = 6700*(1 + 28*0.0825) = 22177
answered
User Asaf Mesika
by
7.9k points
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