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Popular Word Problems >

4400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 29 years, to the nearest cent?

Solution

4400 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 29 ye a rs, t o t h e n e a res t ce n t ?

Solution

Amount : 14927

Solution steps

Translate the problem into an equation:

A = 4400 (1 + 0.0825 \cdot 29)

4400 (1 + 0.0825 \cdot 29) = 14927

Amount : 14927

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