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Popular Word Problems >

3400 dollars is placed in an account with annual interest rate or 8.25%. How much will be n the account after 25 years, to the nearest cent?

Solution

3400 d o ll a rs i s pl a ce d in an a cco u n t w i t h ann u a l in t eres t r a t e or 8.25%. Ho w m u c h w i ll b e n t h e a cco u n t a f t er 25 ye a rs, t o t h e n e a res t ce n t ?

Solution

Amount : 10412.5

Solution steps

Translate the problem into an equation:

A = 3400 (1 + 0.0825 \cdot 25)

3400 (1 + 0.0825 \cdot 25) = 10412.5

Amount : 10412.5

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