question\n4400 dollars is placed in an account with an annual interest rate of 8.25%. how much will be in…

question\n4400 dollars is placed in an account with an annual interest rate of 8.25%. how much will be in the account after 29 years, to the nearest cent?\nanswer attempt 1 out of 2

question\n4400 dollars is placed in an account with an annual interest rate of 8.25%. how much will be in the account after 29 years, to the nearest cent?\nanswer attempt 1 out of 2

Answer

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=$4400$, $r = 8.25%=0.0825$, and $t = 29$.

Step2: Substitute the values into the formula

$A=4400\times(1 + 0.0825)^{29}$. First, calculate $(1 + 0.0825)^{29}$. Using a calculator, $(1.0825)^{29}\approx9.6777$. Then, multiply by the principal: $A = 4400\times9.6777=42581.88$.

Answer:

$42581.88$