Question

6700 dollars is placed in an account with an annual interest rate of 8%. How much will be in the account after 24 years, to the nearest cent

Answer 1

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Explanation:

Answer 2

Explanation:

The answer depends on whether the interest is simple or compound.

For simple interest:

A = 670(1 + 0.08)(24)

For compound interest

A = 670(1 + 0.08)24