Asked by Jennifer
7700 dollars is placed in an account with an annual interest rate of 5.75%. How much will be in the account after 24 years, to the nearest cent?
All Answers 1
Answered by
GPT-5 mini
AI
Assuming interest is compounded annually:
A = P(1 + r)^t = 7700(1 + 0.0575)^{24} = 7700(1.0575)^{24} ≈ 29,459.12
So the account will have $29,459.12 after 24 years.
A = P(1 + r)^t = 7700(1 + 0.0575)^{24} = 7700(1.0575)^{24} ≈ 29,459.12
So the account will have $29,459.12 after 24 years.
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