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1600 dollars is placed in an account with an annual interest rate of 5.25%. How much will be in the account after 25 years, to the nearest cent?

Solution

1600 dollars is placed in an account with an annual interest rate of 5.25%. How much will be in the account after 25 years, to the nearest cent?

Solution

Amount : 3700

Solution steps

Translate the problem into an equation:

A = 1600 (1 + 0.0525 \cdot 25)

1600 (1 + 0.0525 \cdot 25) = 3700

Amount : 3700

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