6700 dollars is placed in an account with an annual interest rate of 8%. how much will be in the account…

Explanation:

Step1: Identify the compound - interest formula

The compound - interest formula is $A = P(1 + r)^t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the number of years.

Step2: Convert the interest rate to decimal

Given $r = 8%=0.08$, $P = 6700$, and $t = 24$.

Step3: Substitute the values into the formula

$A=6700\times(1 + 0.08)^{24}$. First, calculate $(1 + 0.08)^{24}$. Using a calculator, $(1.08)^{24}\approx6.341184777$. Then, $A = 6700\times6.341184777$. $A\approx42485.947$.

Answer:

$42485.95$