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Popular Word Problems >

2200 dollars is placed in an account with an annual interest rate of 7.25%. How much will be in the account after 29 years, to the nearest cent?

Solución

2200 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 7.25%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 29 ye a rs, t o t h e n e a res t ce n t ?

Solución

Amount : 6825.5

Pasos de solución

Translate the problem into an equation:

A = 2200 (1 + 0.0725 \cdot 29)

2200 (1 + 0.0725 \cdot 29) = 6825.5

Amount : 6825.5

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