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Popular Word Problems >

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?

Solution

6700 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 8.25%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 28 ye a rs, t o t h e n e a res t ce n t ?

Solution

Amount : 22177

Solution steps

Translate the problem into an equation:

A = 6700 (1 + 0.0825 \cdot 28)

6700 (1 + 0.0825 \cdot 28) = 22177

Amount : 22177

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