zoe invested $7,300 in an account paying an interest rate of 3.5% compounded annually. assuming no deposits…

Explanation:

Step1: Recall the compound interest formula

The formula for compound interest compounded annually is $A = P(1 + r)^t$, where $A$ is the amount of money accumulated after $n$ years, including interest, $P$ is the principal amount (the initial amount of money), $r$ is the annual interest rate (in decimal form), and $t$ is the time the money is invested for in years.

Step2: Identify the values of P, r, and t

We are given that $P=$7300$, $r = 3.5%=0.035$, and $t = 20$ years.

Step3: Substitute the values into the formula

Substitute $P = 7300$, $r=0.035$, and $t = 20$ into the formula $A = P(1 + r)^t$. So we have $A=7300\times(1 + 0.035)^{20}$.

Step4: Calculate $(1 + 0.035)^{20}$

First, calculate $1+0.035 = 1.035$. Then, calculate $1.035^{20}$. Using a calculator, $1.035^{20}\approx1.9897887$.

Step5: Calculate A

Multiply $7300$ by $1.9897887$: $A = 7300\times1.9897887\approx7300\times1.9898\approx14525.54$.

Step6: Round to the nearest ten dollars

To round to the nearest ten dollars, we look at the ones digit. The amount is approximately $14525.54$. The ones digit is $5$, so we round up the tens digit. The tens digit is $2$, so $14525.54\approx14530$ when rounded to the nearest ten dollars.

Answer:

$$14530$