Question

6700 dollars is placed in an account with an annual interest rate of 8%. How much will be in the account after 24 years, to the nearest cent?

Answer 1

Answer:

This is a simple interest problem.

According to the simple interest formula, E = P * I * t

In which E are the earnings, P is the principal (the initial amount of money), I is the interest rate (yearly, as a decimal) and t is the time.

After t years, the total amount of money is

T = E + P

In this problem, we have that:

P = $6700, r = 0.08 (i.e. I = $\frac{8}{100}$ ), t = 24

So E = P * I *t = 6700 * 0.08 * 24

= 12864

Now we have to add the money from the initial year since that is not included. The value we just calculated is the one excluding the first year.

So, T = 6700 + 12864 = $19564

Hence you'll have an amount of $19,564 at the end of 24 years.

Please mark this as the Brainliest

Answer 2

Step-by-step explanation:

where

p=amount deposited

r=rate if interest

N=time(yrs)

A=total money (principal+interest)

hope you find this content helpful

• please mark me as the brainliest