Question

9000 dollars is placed in an account with an annual interest rate of 8%. how much will be in the account after 17 years, to the nearest cent?

Explanation:

Step1: Identify compound interest formula

Assuming annual compounding (standard for such problems), the formula is:
$$A = P(1 + r)^t$$
Where $A$ = final amount, $P$ = principal, $r$ = annual rate, $t$ = time in years.

Step2: Plug in given values

$P=9000$, $r=0.08$, $t=17$
$$A = 9000(1 + 0.08)^{17}$$

Step3: Calculate the growth factor

$$(1.08)^{17} \approx 3.700018$$

Step4: Compute final amount

$$A = 9000 \times 3.700018 \approx 33300.16$$

Answer:

33300.16 dollars