Maddie M.
asked • 04/15/244400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 29 years, to the nearest cent?
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2 Answers By Expert Tutors
Ajay K. answered • 04/16/24
Tutor
5
(76)
Chemistry, English, and Vitamin Formulation: Knowledgeable and Patient
Amount in the account after 29 years = $4,400 + [(4400 * 0.0825) $/year * 29 years] = $14,927
James S.
tutor
Compound interest is standard in such transactions. Your formula does not incorporate this feature.
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04/19/24
4400*(1.0825)29 = $43,839.13
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Mark M.
Is the interest simple or compounded?04/15/24