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Popular Word Problems >

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

Solution

7800 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 6.5%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 29 ye a rs

Solution

Amount : 22503

Solution steps

Translate the problem into an equation:

A = 7800 (1 + 0.065 \cdot 29)

7800 (1 + 0.065 \cdot 29) = 22503

Amount : 22503

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