7700 dollars is placed in an account with an annual interest rate of 5.75%. 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. Here, $P=$7700$, $r = 5.75%=0.0575$, and $t = 24$.

Step2: Substitute the values into the formula

$A=7700\times(1 + 0.0575)^{24}$. First, calculate the value inside the parentheses: $1+0.0575 = 1.0575$. Then, find $(1.0575)^{24}$. Using a calculator, $(1.0575)^{24}\approx3.84777$. Next, multiply by the principal: $A = 7700\times3.84777$. $A=7700\times3.84777 = 29627.829$.

Step3: Round to the nearest cent

Rounding $29627.829$ to the nearest cent gives $A\approx29627.83$.

Answer:

$29627.83$