Question 7800 dollars is placed in an account with an annual interest rate of 6.5% How much will be in the account after 29 years, to the nearest cent?

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Solution

Solution

Amount : 22503

Solution steps

Translate the problem into an equation:

A = 7800 (1 + 0.065 \cdot 29)

7800 (1 + 0.065 \cdot 29) = 22503

Amount : 22503

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