SOLUTION: Monica invests $14,000 at 4% simple interest for 33 years. How much is in the account at the end of the 33 year period? Round your answer to the nearest cent.
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Question 1195413: Monica invests $14,000 at 4% simple interest for 33 years. How much is in the account at the end of the 33 year period? Round your answer to the nearest cent. Answer by jhunjiro(67) (Show Source):
You can put this solution on YOUR website! A = P (1 + rt)
A = final amount
P = initial principal balance
r = annual interest rate
t = time (in years)
Given:
A = ?
P = 14000
r = 4% = .04
t = 33 years
Solution:
A = 14000(1 + (.04)(33))
A = 14000(1 + 1.32)
A = 14000(2.32)
A = 32,480.0
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How much is in the account at the end of the 33 year period?
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the account at the end of the 33 year period = $32,480.0
