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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?

Respuesta :

mhanifa

Answer:

  • $22177

Step-by-step explanation:

It is assumed a simple interest.

  • Deposit P = $6700
  • Interest rate r = 8.25% = 0.0825
  • Time t = 28 years
  • Final amount A = ?

Use simple interest formula:

  • A = P(1 + rt)
  • A = 6700*(1 + 28*0.0825) = 22177

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