Question

9000 dollars is placed in an account with an annual interest rate of 7.75%. How much will be in the account after 18 years, to the nearest cent?

Answer 1

In one year, $ 9,000 with a profit of 7.75%, is $ 697.5

697.5 × 18 = 12555

After 18 years old, it is $ 15,222

Answer 2

The answer is 34494.79

Explanation:

Y=ab^x

A= starting value= 9000

r=rate = 7.75% = 0.0775

Exponential growth

Y= 9000(1.0775)^x

Plug in time for x

Y= 9000(1.0775)^18

Y=34494.7918323

ROUND the number and your answer will be Y= 34494.78