SOLUTION: 4400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 22 years, to the nearest cent?

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Question 1194302: 4400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 22 years, to the nearest cent?
Answer by ikleyn(52800) About Me  (Show Source):
You can put this solution on YOUR website!
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4400 dollars is placed in an account with an annual interest rate of 8.25%.
How much will be in the account after 22 years, to the nearest cent?
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Future value is

    FV = 4400%2A%281%2B0.0825%29%5E22 = 4400%2A1.0825%5E22 = 25,169.04  dollars.    ANSWER

Solved.

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For all details and explanations,  look into these two lessons
    - Compounded interest percentage problems
    - Problems on discretely compound accounts
in this site,  and learn the subject from there.


            After reading these lessons,  you will tackle such problems
            on your own without asking for help from outside.


Also,  you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lessons are the part of this online textbook under the topic "Logarithms".


Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.


Happy learning  ( ! )