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3400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 25 years, to the nearest cent?

Solution

3400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 25 years, to the nearest cent?

Solution

Amount : 10412.5

Solution steps

Translate the problem into an equation:

A = 3400 (1 + 0.0825 \cdot 25)

3400 (1 + 0.0825 \cdot 25) = 10412.5

Amount : 10412.5

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