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?

Answer 1

A = 3400(1.0825)^25 = amount in the account after 25 years at 8.25% annual interest, with annual compounding

general formula is A=P(1+r/n)^nt where t= years, r=interest rate, P=original amount, n=number of compoundng periods per year, A = amount after t years. If n=1, t=25, P=$3400, r=8.25%, then A=3400(1+0.0825)^25