Question

7800 dollars is placed in an account with an annual interest rate of 6.5%. How much will be in the account after 29 years, to the nearest cent?

Answer 1

Year 29 $2,956.63 Total Interest $40,643.25 Balance $48,443.25

Explanation:

Base amount: $7,800.00

Interest Rate: 6.5% (yearly)

Effective Annual Rate: 6.5%

Calculation period: 29 years