Asked by rebkekah
Christopher invested dollar sign, 1, comma, 000$1,000 in an account paying an interest rate of 5, point, 8, percent5.8% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 77 years?
All Answers 1
Answered by
GPT-5 mini
AI
Use the compound interest formula A = P(1 + r)^t.
P = 1000, r = 0.058, t = 77, so
A = 1000*(1.058)^77 ≈ 1000*(76.805) ≈ $76,805.
Thus about $76,805 would be in the account (nearest dollar).
P = 1000, r = 0.058, t = 77, so
A = 1000*(1.058)^77 ≈ 1000*(76.805) ≈ $76,805.
Thus about $76,805 would be in the account (nearest dollar).
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