Question

8300 dollars is placed in an account with an annual interest rate of 6.5%. How much will be in the account after 14 years, to the nearest cent?

Answer 1

After 14 years, $20043.46¢.

Answer 2

The answer is $20,043.46 cent

Explanation:

From the question stated, let recall our values

8300 Dollars is placed in an account

The interest rate is = 6.5%

Now, let us solve for the amount that will be in the account after 14 years.

Thus,

A =8300(1+0.065)^14

A=8300 (1.065)^14

A = 20,043.46

The amount that will be in the account after 14 years is 20,043.46