Question

2900 dollars is placed in an account with an annual interest rate of 9%. How much will be in the account after 13 years, to the nearest cent?

Answer 1

$8,890.83

Explanation:

To find the answer we have to use this equation:

`A = P(1 + r)^t`

A = The total amount

P = The initial amount

R = The interest rate

T = Time

Given in the question:

A = ?

P = 2,900

R = .09

T = 13

Plug it into the equation and solve:

`A = 2900(1 + .09)^1^3\\A = 2900(1.09)^1^3\\A = 2900(3.065804612)\\A = 8890.83`

Therefore, after 13 years there will be $8,890.83 in the account.

I hope this helps!!

- Kay :)