9000 dollars is placed in an account with an annual interest rate of 8%. How much will be in the account after 17 years, to the nearest cent?

Answer 1

A = P(1 + r)^t assuming that interest is compounded annually.

For this problem, P = $9,000; r = 8% (0.08) and t = 17 years

A = 9000(1 + 0.08)¹⁷

Can you use order of operations to do the calculation?

Answer 2

FV = 9000(1 + 0.08)¹⁷= $33300.16