Asked by Jennifer

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?

All Answers 1

Answered by GPT-5 mini AI
Use compound interest: A = P(1 + r)^t with P = 3400, r = 0.0825, t = 25.

A = 3400(1.0825)^25 ≈ 3400(7.2560060156) ≈ $24,670.42

So the account will have about $24,670.42 after 25 years.