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

General formual is: A=P(1+r/n)^nt

where P = principal amount, r= interest rate, t = time, n=number of compounding times per year

if P=3400, t=25, r=.085, n=1, then

A = 3400(1 + .085)^25